Whether you're borrowing money or providing a loan to someone else, a Promissory Note is usually the best way to establish a record of the transaction and make sure that repayment terms, for example, are clear and fair.
However, an “IOU†is generally regarded as only an acknowledgment of a debt, not a promise to pay the debt. However, this form is a written promise to pay a debt.
Conclusion: Going to small claims court may be worth it for $500, but it will determine how you weigh your costs versus benefits. At a minimum, it is worth it to send a demand letter.
While it's not mandatory to hire a lawyer for small claims court, consulting one can provide valuable insights and increase your chances of success, especially in more complex cases. Weigh the complexity of your case, your comfort with legal procedures, and the potential costs to make an informed decision.
A proceeding in detinue to recover personal property unlawfully withheld from the plaintiff may be brought on a warrant or motion for judgment if pretrial seizure is not sought at the time of filing.
Virginia statute of limitations on warrant in debt In actions on any contract that is not otherwise specified and that is in writing and signed by the party to be charged thereby, or by his agent, within five years whether such writing be under seal or not."
