Page 3 of 3 FirstFirst 1 2 3
Results 21 to 24 of 24
  1. #21
    Join Date
    Mar 2013
    Posts
    18,340

    Default Re: Prevailing Clause in Promissory Note

    Quote Quoting tensore
    View Post
    Here is what I have for the body. Please let me know what you think.

    -----
    Reference is made to Promissory Note signed and sealed 11th day of March, 2014 in the original principal amount of $7,000.

    This is to notify you that you are in default of payment of said Promissory Note. I have not received the following payment under the Promissory Note.

    Amount: $300 Due date: 15 July, 2014

    Accordingly, demand is made for immediate payment of overdue balance plus late fee of $315. If I do not receive installment payments in accordance with clause 9, I will have no choice but to proceed to enforce our rights under the Promissory Note, including a legal recourse to collect the remaining balance. You will be responsible for all court costs.
    -----
    It'll do.

    Just correct the late fee to $15.

    It's 5% of the monthly payment, according to your contract.

    - - - Updated - - -

    Quote Quoting Mr. Knowitall
    View Post
    FYI, I think a court is likely to find that your oversized late fee is unconscionable or unenforceable as a penalty.
    Might be a typo.

    The number 3 is right next to the $ key. Easy enough to get an extra key stroke in there.

  2. #22
    Join Date
    Jul 2014
    Posts
    10

    Default Re: Prevailing Clause in Promissory Note

    Quote Quoting adjusterjack
    View Post
    It'll do.

    Just correct the late fee to $15.

    It's 5% of the monthly payment, according to your contract.

    - - - Updated - - -



    Might be a typo.

    The number 3 is right next to the $ key. Easy enough to get an extra key stroke in there.
    Yes, that is a typo. The late fee is $ 15.00.

    - - - Updated - - -

    Quote Quoting adjusterjack
    View Post
    It'll do.

    Just correct the late fee to $15.

    It's 5% of the monthly payment, according to your contract.

    - - - Updated - - -



    Might be a typo.

    The number 3 is right next to the $ key. Easy enough to get an extra key stroke in there.


    Out of curiosity, if she rejects the mail, is she officially off the hook?

  3. #23
    Join Date
    Mar 2013
    Posts
    18,340

    Default Re: Prevailing Clause in Promissory Note

    Quote Quoting tensore
    View Post
    Out of curiosity, if she rejects the mail, is she officially off the hook?
    No.

  4. #24
    Join Date
    Jul 2014
    Posts
    10

    Default Re: Prevailing Clause in Promissory Note

    Quote Quoting adjusterjack
    View Post
    No.
    So she has received the demand letter and I have delivery signature and confirmation. After over two months of no contact, she texted me over the phone
    and stated " How about you do the moral and stand up kind of thing and pay half of my attorney fees that went towards being with you? Or is that out of douche comprehension..."

    I DID NOT respond.

    It looks like I finally understand why she is not paying. She had spent money in court against her ex-husband to leave her home state and establish residency anywhere she wanted (to be with me). I had refused to allow her to move in with me before engagement and marriage. She spent around $3000 in court. I think she is using that as a leverage to not pay me. Can she do that legally?

    1. Sponsored Links
       

Page 3 of 3 FirstFirst 1 2 3

Similar Threads

  1. Business Issues: Promissory Note Clause
    By smjc711 in forum Business Law
    Replies: 1
    Last Post: 03-31-2011, 08:51 PM
  2. Trusts: Transfer of Title into Irrevocable Living Trust Triggers Acceleration Clause
    By Jack_in_Newport in forum Estate Planning, Administration and Probate
    Replies: 2
    Last Post: 09-28-2009, 07:22 PM
  3. Debt Collectors: Promissory Note with No Prepayment Clause
    By Spitman in forum Debts and Collections
    Replies: 1
    Last Post: 03-19-2009, 08:22 PM
  4. Loan Agreements: Promissory Note Law
    By justin10 in forum Debts and Collections
    Replies: 1
    Last Post: 01-01-2009, 04:38 PM
  5. Debt Collectors: $10,000 USD Promissory Note
    By cyclone03 in forum Debts and Collections
    Replies: 2
    Last Post: 05-25-2008, 06:04 PM
 
 
Sponsored Links

Legal Help, Information and Resources