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F E Smith
F E Smith, Advocate
Category: Law
Satisfied Customers: 8445
Experience:  I have been practising for 30 years.
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Please see the ‘Promissory Note' below and tell me if it

Resolved Question:

Please see the ‘Promissory Note’ below and tell me if it would stand up in court if I needed to issue a CCJ on my debtor as he has refused to pay back his monthly repayments for two months as detailed in the Promissory Note.
“the lenders” ALAN and ANGELA PRICE both of…… Address details removed
“the borrower” GAVIN HALL of Address details removed.
In this document:
“the principal sum” means £55,000.00
“the repayment date” means in two calendar months of demand (subject to clause 3 below)
2.1 The borrower promises to pay to the lender the principal sum on the repayment date.
2.2 From October 2015 The borrower agrees to make repayments of £500.00 per calendar month for a
period of five years, at which time the payments are to be reviewed. Further monthly payments
agreed by the lenders to continue until the principal sum is paid in full.
2.3 Should the borrower miss two consecutive monthly payments the lender may call for immediate
repayment for the balance of the principal sum. The repayment date would be 28 days from
the date of written notice being given by the lenders requiring repayment of the balance of the
principal sum.
2.4 On the death of the borrower the balance of the principal sum will remain outstanding subject to
clause 2.1
Page 1 of 2
Page 2 0f 2
Where either the lender or the borrower consist of more than one persons obligations on or to these persons are obligations on or to them separately altogether or in any combination.
Signed: ............................................................ Dated: 2015
The borrower: GAVIN HALL
.............................................. ................................................
Submitted: 4 months ago.
Category: Law
Expert:  F E Smith replied 4 months ago.

Please confirm that this is just arrangement between parties who know each other and it’s not any kind of commercial arrangement.

If it’s not, and it’s some kind of commercial arrangement, then it would not be enforceable because it doesn’t comply with all the Consumer Credit legislation.

However, if it’s just between family members or friends then it’s a perfectly reasonable agreement no reason why you cannot enforce it in court.

Even a verbal agreement whether to pay money whatever is perfectly enforceable provided the terms of the verbal agreement are not in dispute.

What you have here is evidence that the money was lent, whom it was lent to, who by, that it was to be repaid and when.

If there is no dispute over the money being owed you could always issue a Statutory Demand which is free and then, in another 21 days, petition for the individuals bankruptcy.

That usually focuses a debtors mind. You can’t do that however if there is some kind of dispute over what the money was for or when it was to be repaid or whether it’s due the amount or any other dispute.

Can I clarify anything for you?

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Best wishes.


F E Smith, Advocate
Category: Law
Satisfied Customers: 8445
Experience: I have been practising for 30 years.
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