How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Ely Your Own Question
Ely
Ely, Counselor at Law
Category: Legal
Satisfied Customers: 102162
Experience:  Private practice with focus on family, criminal, PI, consumer protection, and business consultation.
7286322
Type Your Legal Question Here...
Ely is online now
A new question is answered every 9 seconds

I loaned someone money and we executed a Promissory note almost

Customer Question

I loaned someone money and we executed a Promissory note almost 4 years ago. I have only received 5% of what was owed. I have threatened to sue him in Small Claims Court.
He sent me a paper which he claims is an "extension" of the existing Promissory Note.
I believe I would be better protected legally with a completely NEW Promissory Note. I have not yet signed the purported extension of the old Note. What should I do?
Submitted: 2 years ago.
Category: Legal
Expert:  Ely replied 2 years ago.
Hello and welcome to JustAnswer. Please note:
(A) This is general information and is not legal advice. No specific course of action is proposed herein. No attorney-client relationship or privilege is formed by speaking to an expert on this site. This is repeated in numerous disclaimers throughout the site. By continuing, you confirm that you understand and agree to these terms; and (B) there may be a slight delay between your follow ups and my reply while I am typing out my answer.
I am sorry for your situation.
If you have already filed suit, by signing an "extension" of the promissory note, it may void the suit since it would then allow him more time under contract to repay.
As such, I would not sign any such extension if I were you and if the extension asks for this (but this of course is your decision). Finally, the debtor cannot simply "create" an extension of the note in any way - them sending a letter CLAIMING that the repayment time is extended is simply ineffectual, unless the original contract allows it (and I am guessing it does not). So one can simply "ignore" the paper.
I hope this helps and clarifies. Gentle Reminder: Use the SEND or REPLY button to keep chatting, or please rate when finished. You may always ask follow ups at no charge after rating. Kindly rate my answer as one of the top three faces/stars and then SUBMIT, as this is how I get credit for my time with you. Rating my answer the bottom two faces/stars or failing to submit the rating does not give me credit and reflects poorly on me, even if my answer is correct. I work very hard to formulate an informative and honest answer for you; please reciprocate my good faith.