If I sign a promissory note between myself and another person for $500
how can I get out of it? Would leaving the state do anything? Can I
also be sent to collections? |
Request for Question Clarification by
alienintelligence-ga
on
05 Apr 2005 20:17 PDT
Hi gard0196...
Can you give any more background information
on the basis of the note? Why the agreement
was entered? Is there any guidelines or remedies
stated on the note, such as... "failure to pay",
or "interest shall accrue", "must be surrendered
upon demand"? Was a timeframe given for payment?
Were payment options offered on the note?
Have you paid any of it?
When did you enter into the contract with the
other person?
Has the other person contacted you regarding
the debt?
What state was the contract entered into?
thanks,
-AI
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Clarification of Question by
gard0196-ga
on
06 Apr 2005 13:48 PDT
The details go as follows. First I have yet to sign a promissory note.
I was in a ?social organization during my college years and am now
graduating. I was under the influence that simply not paying my yearly
active dues ?which is required? would mean I no longer want
affiliation with this group, which is the case. To my surprise I was
told that once you are in this group you are required to pay your dues
regardless until graduation. I am currently being harassed by this
group and want them off my back. However I need to sign a promissory
note to allow myself to pay theses dues over time because I do not
have that kind of disposable income. Given that I am graduating I am
pretty sure but not 100% I will have a job where I can live and pay
this fee by a designated time. Since I feel pressured to sign this
soon, I want to know what are my options if I simply can not pay it by
the given time.
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Request for Question Clarification by
cynthia-ga
on
06 Apr 2005 14:36 PDT
gard0196,
Don't feel pressured, tell them to back off --if they want to get
paid. When you originally joind this group, you must have signed some
papers. Find the papers, scan them, post them online, and give us a
link.
Alternately, you can call the association and ask them to provide you with a copy.
Somewhere in those papers it speaks of dues, becoming a non-member,
and your responsibilities. I bet somewhere in the documents you
signed it says you must give 'written notice' to become unaffiliated,
and since you did not, the dues have stacked up... that is why they
feel you owe the money.
Let us know what the documents contain, or post them online, and we can help.
ALSO: From their tactics it would seem you are not the first
graduating member to have this experience. Possibly your school
advisor has some info, or an alumni group...
~~Cynthia
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Request for Question Clarification by
alienintelligence-ga
on
07 Apr 2005 16:40 PDT
Hi gard0196,
It seems like this will end up in a
statue of limitations type of situation.
That will be in your favor depending
on how this is handled.
The most important thing to note is,
do not interact with the association
you owe money to. It seems in a SoL
matter, you reset the clock every time
you interact with the creditor.
To give a formal answer, we will still
need the state the debt was supposedly
incurred in.
If also you are able to scan the
associated documents and put them
online for us as Cynthia suggested,
we might be able to extract some
important legalese out of it.
The SoL begins after the last payment
made. Depending on how long ago that
was... you might be months or only a
year or so away from the debt canceling
itself.
The most important thing... do NOT
SIGN ANYTHING! That includes any
promissory notes. If you think about it...
they only want you to sign something to
acknowledge debt, right? Why acknowledge
something with which you disagree? In addition,
why do they need you acknowledging
something, they believe to exist?
Now, even tho Cynthia was well-
meaning in her statement about "tell
them to back off --if they want to get
paid" Do NOT do that. Essentially any
communication with them regarding the
debt could serve to reset the SoL clock.
we will be waiting to hear back from you,
-AI
*At this point, I would like to add as a
disclaimer that while Google Answers is
a great resource for finding difficult answers
to questions, GA should never be a substitute
for legal counsel from a law firm, when the
situation warrants that type of advice.
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