Promissory Note Debt Liability

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Summary

A promissory note is a written promise to pay a specific amount to a creditor. Issuing it acknowledges and agrees to pay the debt. It does not discharge the debt until fully paid, and you remain liable until settled. To secure a debt against property, a formal charge or mortgage must be created. This can potentially lead to the forced sale of the property if not paid. Consult a legal professional for specific advice.

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Uk
Thank you for providing your location. Here is some general information about promissory notes and debt liability in the UK:
- A promissory note is a financial instrument containing a written promise by one party to pay another party a definite sum of money.
- Paying a creditor with a promissory note does not discharge the debt until the note is paid.
- You remain liable for the debt until the promissory note is settled.
If you need more specific advice, please consider consulting a legal professional. Is there any other aspect of this issue you need help with?
Can the debt be sequered agaisnt property if a promisory note is used
In the UK, a debt can potentially be secured against property through the use of a legal charge or mortgage. However, here are a few points to consider:
- A promissory note itself does not automatically secure the debt against property.
- To secure a debt against property, a formal charge or mortgage would need to be created.
- Seeking legal advice is recommended for specific procedures.
Would you like more information on how to secure a debt against property?
When a prom note is used arevyou then in contract to pay elaborate
A promissory note is a written promise to pay a specific amount of money to a creditor. When you issue a promissory note, you enter into a contract to pay the debt outlined in the note. You remain liable for the debt until it's fully paid.
Would you like more information on the implications of promissory notes?
So are you admitting you accept the debt by using a prommisory note to pay
In the UK, using a promissory note to pay a creditor indicates acknowledgment and agreement to pay the debt. Here are some key points:
- Issuing a promissory note is a formal promise to pay the debt.
- It does not discharge the debt until the note is fully paid.
- You remain liable until the debt in the promissory note is settled.
Would you like more detailed information on how promissory notes work?
In the UK, a debt can potentially be secured against property through the use of a legal charge, and by creating this contract you are making it securable
It seems like you have a good grasp on the interaction with promissory notes and securing debts against property in the UK. To clarify, here are the key points:
- **Promissory Note:**
- A written promise to pay a specific amount to a creditor.
- Issuing a promissory note acknowledges and agrees to pay the debt.
- **Securing Debt Against Property:**
- A promissory note alone does not secure the debt against property.
- A formal charge or mortgage must be created to secure the debt against property.
Would you like more detailed information on creating a legal charge or mortgage to secure your debt?
Have I got this right in laymans terms: A promissory note is a written promise to pay a specific amount of money to a creditor. When you issue a promissory note, you enter into a contract to pay the debt outlined in the note. In the UK, using a promissory note to pay a creditor indicates acknowledgment and agreement to pay the debt. Here are some key points:- Issuing a promissory note is a formal promise to pay the debt.- It does not discharge the debt until the note is fully paid.- You remain liable until the debt in the promissory note is settled. A promissory note alone does not secure the debt against property.- A formal charge must be created to secure the debt against property and you have give all evidence requied. In the UK, a debt can potentially be secured against property through the use of a legal charge, and by creating this contract you are making it securable and a very easy way to allow them to force sale of your property.
Yes, you've got it right in layman's terms. Here are the key points:
- **Promissory Note:**
- A written promise to pay a specific amount to a creditor.
- It acknowledges and agrees to pay the debt.
- It does not discharge the debt until fully paid.
- You remain liable for the debt until settled.
- **Securing Debt Against Property:**
- A promissory note alone does not secure the debt against property.
- A formal charge or mortgage must be created to secure the debt.
- This can potentially lead to the forced sale of the property if not paid.
Would you like more detailed information on any specific aspect?