I loaned an ex co-worker money that has yet to be paid back. We have a signed contract of the dates, amount plus interest, and term length. He will not respond to my texts or calls. I would like to get my money owed, plus additional interest, and any legal fees that I will be out. How can I go about doing this? Is it possible to get back more than the contract states? Thank you
1 Answer from Attorneys
If the promissory note is valid and complies with all the legal requirements necessary and you follow the proper procedures then you would be entitled to recover the unpaid remainder of the loan plus interest and costs of recovery which includes attorney fees and court costs. The bigger issue is that this person probably does not have the money to repay you and unless the loan is guaranteed by physical collateral you can repossess then you will likely have a very tough time getting your money back.