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Error in default and liability clause in contract…how to remedy?
I recently issued a PN and I did notice in my contract I created from the loan account statement that I made an error with the default and liability clause notice in the contract. I did not change the amount from the amount in the template. So rather than four times the debt I have the figure at $3.4M. When it comes time to issue the default notice (thats my next step) what would be the best course of action? Should I claim for the $3.4M (even though 4 times my debt is $200k), should I offer a discount on the amount payable, an apology? What is the best course of action from here? Thank you
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3 Replies
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Go to Mark’s Q and A tomorrow night and ask him there…https://solutionsempowerment.org/event/general-qa-july-10/
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Will do. Thanks
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I made a couple of amendments to a Notice and Demand for Payment of Debt that I had sent to my loan manager company. I sent an Amended Notice a week later containing my amendments and gave them an extra 7 days to respond. I added the statement “This does not alter,
reduce or change any party’s liability under the Default and Liability Clause
of the two endorsed contracts dated <date endorsed>, those parties being ABC Loan Manager Company, XYZ Lender Company, <Party 3>, <Party 4>, <Party 5> (jointly and severally).”
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