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Louisiana/Texas Promissory Note Default
Posted on 6/13/24 at 2:44 pm
Posted on 6/13/24 at 2:44 pm
RE Investor in my network raises private money for deals often. I lent him $5000 for a $1500 return in 5 days. There’s a $150 late fee for every late day. This was in May and he has returned $4000 but his closings fell through so he is still racking up the remaining $1000 plus $150 per day to me.
He is in Texas and I, in Louisiana, submitted a promissory note to him that he signed stating the above agreement.
Does anyone know which steps to take next to receive my full return? Someone mentioned notice to cure and go after his assets but no collateral was specifically named in the promissory note.
He is in Texas and I, in Louisiana, submitted a promissory note to him that he signed stating the above agreement.
Does anyone know which steps to take next to receive my full return? Someone mentioned notice to cure and go after his assets but no collateral was specifically named in the promissory note.
8
Posted on 6/13/24 at 2:49 pm to BayouBengal23
Oh boy…..
….you will never see the $1,000 or the $150 a day penalty.
Consider the $1,000 an educational expense and learn from this event.
….you will never see the $1,000 or the $150 a day penalty.
Consider the $1,000 an educational expense and learn from this event.
Posted on 6/13/24 at 2:54 pm to BayouBengal23
I’m pretty sure that unless you are a licensed lender, it is illegal for you to charge more 10% annual interest, an origination fee or any late fees.
Without go into more explanation…you are probably better off just writing this off to a lesson learned and not being what looks like a loan shark.
Without go into more explanation…you are probably better off just writing this off to a lesson learned and not being what looks like a loan shark.
Posted on 6/13/24 at 3:21 pm to BayouBengal23
quote:The guy was willing to agree to a 30% return over 5 days? That should have been screaming "red flag" to you. 2200% annual rate
I lent him $5000 for a $1500 return in 5 days.
Posted on 6/13/24 at 3:44 pm to BayouBengal23
TX has some pretty serious usury rules iirc. I too would let this one go. Next time use a lawyer to do your deals.
Posted on 6/13/24 at 4:02 pm to BayouBengal23
We're there no payday lenders willing to take his buisiness?
Anyone willing to take on debt at those rates likely has no meaningful assets to go after.
Anyone willing to take on debt at those rates likely has no meaningful assets to go after.
Posted on 6/13/24 at 7:10 pm to TorchtheFlyingTiger
Agree with most here. Consider yourself extremely lucky you got $4000 back and stop being a predatory lender.
Posted on 6/13/24 at 9:00 pm to BayouBengal23
Usury much??
Posted on 6/13/24 at 9:30 pm to BayouBengal23
quote:
Does anyone know which steps to take next to receive my full return? S
Mafia maybe ????
Posted on 6/14/24 at 6:24 pm to BayouBengal23
Lesson here is never trust a businessman that needs to borrow 5000 dollars.
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