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What can you do if someone owes you 9000 and is not paying it back as agreed with a payment of 500 a month?
Wiki User
∙ 15y ago
Once the monthly payment is missed you would be able to sue for the entire amount immediately. This is called acceleration of the amount due. You don't sue for the $500 payment, then wait for another default unless of course you settle the case after payment, hoping all future payments will be made on time. This frequently happens usually because if the debtor does not have the monthly $500, he probably doesn't have the whole $9,000. You will have to abide by the terms of your agreement, especially if it covers when the date the monthly payment is due. If you have a verbal agreement and no specified due date, you might have to wait till the month passes till you can sue. Technically, if there is no specific due date, the debtor can pay on any day within that month. You have no right to sue until a scheduled payment is missed.
Wiki User
∙ 15y ago
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