Promissory Notes and Interest Payments


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Brian: 00:00 Lynn, you’re on the Law show

Guest: 00:01 Yes. I have a question. My adult son borrowed quite a bit of money from me and I’m wondering how I can, I’m paying the interest, he’s paid the principal but not the interest. And do I need to take him back?

Brian: 00:20 How much are we, how much, how much are we talking about?

Guest: 00:23 $150,000.

Brian: 00:24 That’s a lot of money. Did you have a promissory note signed calling for him to pay interest?

Guest: 00:30 I believe I do. Yeah.

Brian: 00:32 Okay. So if you have a promissory note, then what you want to do is call us in, come in and see Justin and for $150,000 debt, you don’t want to try to do this on your own. You want to definitely get Justin involved or somebody else, you know, there’s a million lawyers out there that could handle this case, right, Justin?

Justin: 00:47 Oh, absolutely. Yeah. It’s not that one’s not, not rocket science, but you had a, I think it’s a promissory note that didn’t get paid. And if there’s interests, you figure out what the interest is and then if he won’t pay, you sue him. So

Guest: 00:58 Yeah it’s the family members, so I feel a bit bad

Justin: 01:01 Yeah. And we see it all the time and it maybe, you know, from the way, sometimes a, a letter will work, and sometimes it that does it sometimes, unfortunately it doesn’t. I mean, I can’t tell you Brian, how many is that? How many calls we had over the years where it’s a family member loaning or co-signer? And I know what you’re, I know you have some rules on cosigning

Brian: 01:17 I’ve got three rules about co-signing, never co-sign a loan. Second one is you never co-sign a loan. And third one is you never co-sign a loan. So listen, does your son have money

Guest: 01:31 It’s his buisness, hes a schoolteacher and runs a business on the side.

Brian: 01:31 All right. Yeah. Give us a call and we’ll take good care of you

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