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  1. #1
    Join Date
    Jan 2008
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    2

    Default How To Collect On Promissory Note In Default

    A friend asked to borrow $14,000. It's between his company and me, but he signed it personally. He said he'd repay me in a month along with an additional $1,000 interest for loaning it to him. I wrote up a promissory note and we both signed it but it is not notarized. He is now 20 days in default. I told him I'd go to the Indiana Small Claims Court, but now he says that I violated the loan sharking laws. Now I'm afraid to file to get my money back.

  2. #2
    Join Date
    Jul 2006
    Posts
    5,437

    Default Re: How To Collect On Promissory Note In Default

    Sue the bad person in small claims court.

  3. #3
    Join Date
    Jan 2008
    Posts
    2

    Default Re: How To Collect On Promissory Note In Default

    Indiana is limited to $6,000 so do I have to get a lawyer and go another route?

  4. #4
    Join Date
    Apr 2007
    Location
    Il.(near StL,Mo.)
    Posts
    5,252

    Default Re: How To Collect On Promissory Note In Default

    Quote Quoting bowhunter
    View Post
    Indiana is limited to $6,000 so do I have to get a lawyer and go another route?
    Yep - can't sue in small claims court in Indiana for more than $6,000.

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