Hello, I have a question , I will not gives names , etc.

My wife took a restaurant job in Montana from a company, the total moving expense bill was about 5300 dollars. She signed a promissory note for 2450 dollars. This is what it says:

For value received I, blank, promise to pay to the order of blank at its office in blank or other such place as the holder may designate, the sum in the amount of $2450.00. This amount is in advance for housing deposits for moving to blank, MT.

This note will bear applicable interest at the federal rate as published by the internal revenue service pursuant to Code Section 1274 each month, at a rate determined upon by blank.

The amount of $2450 will be payable to blank in 1 payment of $2450 with any applicable interest added in.

BLANK agrees to forgive the amount , $2450, plus interest, if I stay employed for a period of 2 years, from the signed date below (May 17,2007). One half of this forgiven amount will be added to my 2008 W-2 as taxable income and one-half to my 2009 W-2 as taxable income.

If my employment is terminated prior to 1 year from below date, the full amount of $2450, plus interest, becomes due and payable upon demand and will be deducted from any payroll wages paid to me. If there is any balance due, I agree to pay remaining amount to BLANK upon demand.

Signed,
BLANK 5/18/07

Well it only been 5 months and we are getting out of here. Just wondering if they will sue us right away and if they can sue us more than the $2450. We want to pay them back in monthy installments but don't know if they will go with that since the promissory note says UPON DEMAND!!!!!!!!!

PLEASE HELP!!!!

Is the relationship still good with the employer/lender? If so, then perhaps they would agree to a different repayment schedule - perhaps the installment payment schedule you indicated in your post. If everybody agrees, then you can put that new payment schedule agreement in writing. If the relationship isn't good, or the employer won't agree to a different payment schedule, then I suggest you speak to an attorney regarding your legal options on defaulting, whether they could get more interest or attorneys fees, etc. Some attorneys do offer free consultations. You can find more information about one through the attorney locator service on LawInfo's home page at: http://www.lawinfo.com/. Good luck!