Does anyone have a copy of a promissory note that they could share with me for a member?
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Posted 2 years ago #
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I have a couple different promissory note versions.
Is there a way to upload or attach a file through this site?
Posted 2 years ago # -
Have you had much success with promissory notes? Our recent track record, with the current economy, is fairly weak. Out of ten notes, only one is performing anywhere near their commitment (paying half their obligation every month), and another is paying a few thousand a month, barely enough to cover interest. All of the rest have either defaulted or closed their doors.
Needless to say, we're not accepting any more promissory notes at this time.
Posted 2 years ago # -
Out of 14 offers to either do a Note or Settlement, I had 4 fail to respond at all, 3 Settled, and 7 took Notes. Of those 7 notes, 2 have already paid off the Note, 4 are paying very well, and only one has defaulted.
Also, 2 of those who failed to respond originally, have recently responded to the collection agency with payments.
All in all, it could be worse.
Posted 2 years ago # -
Prom notes are a great tool for adding security regardless of how or if the prom note pays. If you can get a personal guaranty or two where you didn't have one prior--you will be miles ahead. Also, the balance is summed up and any and all disputes regarding the various summary balance of the invoices are negated. Additionally, you may want to consider adding in language regarding a consent for judgement and blanket asset UCC language. Though not all of my prom notes payoff without trouble (most of them do), we fare better in the legal or collections side with those added securities for the ones that don't. Shane @ Cashman
Posted 2 years ago # -
Here is a link to a Promissory Note template:
http://www.usattorneylegalservices.com/promissory-note.html
Good luck.
Michael Dennis
Posted 2 years ago #
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