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If you have lent money or plan to do so, you should know that backing up the debt is important in order to be able to collect it later. A promissory note is a credit instrument through which the right to collect the amount stated is granted, and it may specify the determined term, the amount of the payments (if in installments) and the term of the debt.

However, in spite of having committed to pay, there are people who do not comply with the promise to pay within the established period, thinking that they can postpone the debt until it reaches a point where it cannot be collected, without knowing that collecting the promissory note is possible, has legal repercussions and can be very expensive for the debtor.


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First, make sure that the promissory note has all the necessary information: full name of the borrower and lender, amount of money borrowed, amount of payment (may be different amounts if interest is applied), date and place where the document is signed and from where the payment will be made. Finally, the debtor must write his/her full name, fingerprint and signature as it is on his/her official documents.

In addition, it is recommended to request a copy of the debtor’s proof of address, voter’s credential, as well as a copy of any real estate or attachable property, which may be useful if it is necessary to take the debtor to court, in which case we recommend initiating a Mercantile Executive Judgment and filing a lawsuit.

In the summons or hearing with the Judge, the defendant must make the payment for the amount of the promissory note, and if this is not done, the assets that the debtor indicated as collateral when signing the document will be indicated and that can be seized in order to guarantee the payment of the debt plus the legal interest at 6% per annum.

The Mercantile Executive procedure is viable when the promissory note is less than three years old and the necessary evidence is available to file the lawsuit, and there is only one hearing with the Judge. However, if you want to collect a promissory note after the due date, you can do it through the Ordinary Commercial Procedure, where the procedure is prolonged and the evidence can be presented in several hearings, and if the debtor still refuses to pay, the seizure would reach the end of the trial during the execution of the judgment.


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If you lent money, have overdue promissory notes and do not know how to collect them, you should know that you are not alone. At LEX & CO we know that filing a lawsuit for this issue or for a bond collection, vindicatory action or foreclosure is complex, so we recommend you to contact our tax lawyers at 5568401076, email firma.lex.co@gmail.com, or write us through our contact form or WhatsApp, we will gladly assist you.

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