bigbet1234
PARKED
- Joined
- Jun 17, 2011
- Messages
- 27
Rep Bank
$120
$120
Hypothetically speaking:
A very basic promise note, promising to pay a set amount of money, by a set amount of time for a business.
The owner of the loan is unwilling to work with you on payment restructuring to make the payment more affordable.
The business did not bring in what he claimed, he pulled a lot of money under the table.
Not looking to get away from the loan. purchased for 200K, 6.5% interest, 25K down, financed $175K.
There is 2 years left at $2540 per month.
What would you do if he is not willing to restructure? It is a straight promissary note, no collateral, no leins, etc. A simple note promising to pay the note.
Get an attorney to draw up a new contract? Not looking to get out of the debt, beings just over 65K left
A very basic promise note, promising to pay a set amount of money, by a set amount of time for a business.
The owner of the loan is unwilling to work with you on payment restructuring to make the payment more affordable.
The business did not bring in what he claimed, he pulled a lot of money under the table.
Not looking to get away from the loan. purchased for 200K, 6.5% interest, 25K down, financed $175K.
There is 2 years left at $2540 per month.
What would you do if he is not willing to restructure? It is a straight promissary note, no collateral, no leins, etc. A simple note promising to pay the note.
Get an attorney to draw up a new contract? Not looking to get out of the debt, beings just over 65K left
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