ANNE ARUNDEL, CALVERT, CHARLES, ST. MARY’S & PRINCE GEORGE’S COUNTIES.
Promissory Notes & Loans | Haskell & Dyer
A Loan That Was Never Repaid Is Not a Favor. It Is a Debt.
A promissory note or loan that went unpaid is a clear obligation. We enforce the terms and pursue the balance, interest, and costs the document allows.
A Note Is Stronger Than You Think
If it is on paper, it is enforceable.
People treat a personal loan or a note between businesses like a favor that went bad. It is not. A signed note is a legal promise to pay, often with interest and costs already written in. You are not asking for a favor back. You are enforcing an obligation they put in writing.
Why a Note Is Strong
A Clear, Written Promise to Pay
Few debts are as clean to enforce as a promissory note. The obligation is right there on the page.
The Document
The Terms Are Already Set
A promissory note states the amount, the repayment terms, and usually the interest. When the borrower stops paying, there is little to argue about. The note is the proof, the schedule, and the obligation in one signed document. That makes it one of the strongest debts to pursue.
The Full Recovery
Balance, Interest, and Costs
A note often entitles you to more than the unpaid principal. Many include interest that continues to accrue and provisions for the costs of collection. We enforce the note as written and pursue everything the document allows, not just the amount that is left.
By the Numbers
Waiting Costs You
A note does not collect itself, and time works against the balance just as it does for any debt.
90 to 120
days past due is the widely cited point to escalate before write-off
Collection-industry benchmarks
~3%
of B2B invoiced value is written off as bad debt
2025 Atradius reporting
Years
a written note may stay enforceable, but the clock still runs
Maryland time limits apply
What We Pursue
The Notes and Loans We Handle
If the obligation is in writing, we can usually enforce it.
Promissory notes
Personal loans
Business loans
Personal guarantees
Accrued interest
Collection costs
Attorney Insight
People think a loan between friends or businesses is just a handshake. If it's on paper, it's a legal obligation, with interest and costs the note may already entitle you to. We hold people to what they signed.
Matthew J. Dyer, Esq.
The Law Offices of Haskell & Dyer
A Closer Look
The Guarantee Most People Forget
When a business borrows, the people behind it often sign a personal guarantee. That guarantee is easy to overlook and powerful to enforce. It means that if the business cannot pay, the individual who signed is personally on the hook. A debtor who hides behind a company name is frequently surprised to learn the note reaches their own assets.
This is where having a law firm rather than an agency matters most. We read the note and any guarantee closely, identify everyone who is actually liable, and pursue each of them. A note with a solid personal guarantee turns a shaky collection against a struggling company into a much stronger claim against a person with assets.
The same timing rule applies here as everywhere in collections. A note stays enforceable for a period set by Maryland law, but that period is not unlimited, and interest is most valuable while it is still accruing and collectible. The longer a note sits unpaid, the more likely the borrower is to spend down or move the very assets you would otherwise reach. A written promise is strong, but it is strongest when you act on it.
Why It Matters
What Is at Stake
A note represents real money you handed over. Enforcing it is about getting that money back, in full.
Principal
The full balance still owed
Interest
What continues to accrue
Guarantors
Individuals who are personally liable
Costs
Collection costs the note allows
How We Enforce a Note
We treat a note as the strong document it is: confirm liability, demand payment, and sue and enforce when needed.
We Read the Note
We confirm the terms, the interest, the costs, and everyone who signed, including any personal guarantor.
We Demand Payment
A clear demand based on a signed note moves many borrowers, who know there is little room to argue.
We Sue on the Note
If payment does not come, we file. A written note gives you one of the cleanest cases in collections.
We Reach Every Party
We pursue the borrower and any guarantor, so a company with no money does not end the recovery.
Common Questions
Promissory Notes & Loans, Answered
Is a personal loan between friends or businesses really enforceable?
Yes, if it is documented. A signed promissory note is a legal obligation to repay, not an informal favor, and courts enforce them regularly. Even an informal loan can sometimes be pursued if there is a written record, such as messages or a memo confirming the terms. A formal note is strongest, but do not assume an informal one is worthless until we have looked at it.
Can I collect the interest, not just the amount I lent?
Usually, if the note provides for it. Many promissory notes set an interest rate that continues to accrue until the balance is paid, and that interest is part of what you are owed. Some notes also allow for the costs of collection. We enforce the note as written, which often means recovering more than the principal alone.
The borrower's business failed. Can I still collect?
Often, yes, especially if an individual signed a personal guarantee. A guarantee means a person stands behind the business debt with their own assets, so a failed company does not necessarily end your claim. We identify everyone who is liable on the note and pursue them. This is one of the most overlooked paths to actually getting paid.
How long do I have to enforce a note in Maryland?
Maryland sets a time limit, and it depends on the type of instrument. A written note generally carries a multi-year window, and certain sealed instruments carry a longer one, but the period is not unlimited. Once it passes, a court may decline to enforce the note. Because the exact deadline depends on your document, it is worth confirming sooner rather than later.
What if there is no formal note, just an agreement to repay?
You may still have options. A written record short of a formal note, such as emails, texts, or a signed memo confirming the loan and the terms, can support a claim. Oral loans are harder and may carry a shorter deadline. Bring whatever documentation you have, and we will tell you honestly how strong the claim is and whether it is worth pursuing.
They Signed the Note. Let's Hold Them to It.
A written note is one of the strongest debts you can pursue, and it often reaches more than the principal and more than one person. Reach out and we will enforce the terms and pursue what you are owed.
Talk to us today: 301-627-5844