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.
When it comes to credit card debt relief, it's important to dispel a common misconception: There are no government-sponsored programs specifically designed to eliminate credit card debt. So, you should be wary of any offers claiming to represent such government initiatives, as they may be misleading or fraudulent.
Speaking generally, $20K in debt is not very much in the grand scheme of things. Your first house will likely put you well over $100K in debt, after all. $20K is more like a car loan, which should be quite manageable.
$5,000 in credit card debt can be quite costly in the long run. That's especially the case if you only make minimum payments each month. However, you don't have to accept decades of credit card 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.
For example, in California, you have four years to make a claim on a written contract, and three years to file for property damage. The statute of limitations on oral contracts and personal injury is a little shorter. If you don't sue within two years, you can't.
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.
You must fill out an Answer, serve the plaintiff, and file your Answer form with the court. Generally, this is due within 30 days after you were served. If you don't, the plaintiff can ask for a default. If there's a default, the court won't let you file an Answer and can decide the case without you.
An Introduction: Attorney identifies themself (or not) ... A brief overview (story) of what the evidence will show. Presented from your side's perspective. A brief explanation of what has to be proved. Identify the witnesses. Tell what the key testimony of each witness will be. A conclusion.
Debt Settlement Assess Financial Situation. Stop Using your Credit Cards. Negotiate with Creditors. Reach Settlement Agreements. Make Settlement Payments. Monitor Credit Reports. Rebuild Credit. Balance Transfer Credit Cards.
Provide Detailed Information: Include relevant details such as dates, amounts owed, and any contractual agreements or promises made. Provide supporting documentation, such as invoices, contracts, or correspondence, to substantiate your claim. 3. Be Concise and Professional: Keep your letter concise and professional.
