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Richard - Bizlaw
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Experience:  30 years experience corporate, litigation, international
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I have a Promissory Note for $10k at 10% interest executed in Sonoma County CA that w

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I have a Promissory Note for $10k at 10% interest executed in Sonoma County CA that was due in full Sept 2008. The Note was signed notarized and witnessed. It is too much to collect through small claims court. Current liability is over $12k. I sent a demand letter, and received an email response acknowledging the loan, and filled with personal attack and false accusations toward me.They were clients who trusted me for 6-10 yrs, repeat business -- they even sent me their friends, family and business acquaintances, until I loaned them money! How can I collect on this Note? Any good advise for me? What court would address $10k debt, and how much would it cost me to get a judgement and writ of execution, garnishment of wages? Is it possible to sell the Note to a collection company so that I don't have to deal with the people anymore?
Submitted: 4 years ago.
Category: Legal
Expert:  Richard - Bizlaw replied 4 years ago.

You can sell the note to a collection company and probably take a deep discount or you can assign the debt to a collection attorney, also a significant cost. However, the size of your note is just large enough not to be small claims and the cost of prosecuting especially if they attempt a counterclaim may not be much different than the discount you would take from the collection agency. I think I would look to sell the note to a collection agency and be done with it. It will save a lot of headache.

 

This communication is not intended as legal advice. A local attorney should always be consulted for legal advice. No client/attorney relationship is intended or created by this communication.

Customer: replied 4 years ago.

Do you know of any collection companies that buy notes? How do I find them?

Expert:  Richard - Bizlaw replied 4 years ago.

No I do not but you should be able to find them by doing a search for collections agencies on line, note purchasers and collection attorneys. That should get you a good start for what you need.

 

This communication is not intended as legal advice. A local attorney should always be consulted for legal advice. No client/attorney relationship is intended or created by this communication.

Richard - Bizlaw, Attorney
Category: Legal
Satisfied Customers: 8655
Experience: 30 years experience corporate, litigation, international
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