Home Q&A Forum if a borrower is unabIe to pay totaIIy , what wiII be next step

Debt

Demand Letter For Payment

New York

Asked on Jan 2, 2023

if a borrower is unabIe to pay totaIIy , what wiII be next step

i Iend someone my money and he is faiIng to pay back

Answers from 1 Lawyer

Answer

Debt

New York

Answered 1269 days ago

Daniel R.

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View Daniel R.
5.0 (176)
Member Since:
January 2, 2023

I would start with a demand letter and see if you can work out a confession of judgment and a payment plan with debtor

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I am sorry to hear about this situation. Your rights will be primarily dictated by the terms of the contract you signed when you gave the deposit, as well as any subsequent written communications with them. Assuming the terms therein are favorable, a demand letter from an attorney setting forth what specially you want from them and why it’s permitted is the best chance you have of getting this resolved quickly in your favor.

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Yes, you can send such a notice for nonpayment. I would send one in the form of a demand letter.

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Please resubmit this as a proposal so we can bid on the opportunity. Please include in the proposal the length of the contract applicable to the loan. Here is a link: https://www.contractscounsel.com/client/create-project/step-h1.

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Hello if you have sent a letter of demand the next step would be to file a small claims suit. However, depending on how much you are owed the suit may not be beneficial. Also, in order to recoup the money you have to go through litigation and win, then you have to figure out ways to get the money you are owed because the courts do not enforce money judgments.

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