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Hi, Thank you for your question and welcome. My name is ***** ***** I will assist you. Was the promissory note an "all monies" note or did it only reference the £140k. Is this individual trying to pursue you for the additional borrowings that your husband drew down under the terms of the promissory note? Kind regards AJ
Thank you. The bot***** *****ne your assets are not liable for the additional £70k - the Statute of Frauds states that you can only accept liability for another persons debt if you do so in writing. The promissory note is only for a fixed so he cannot unilaterally add to the promissory note a capital without your consent. Does he have a charge on your property? Kind regards AJ
Hi, Thank you. You should not agree to a charge over your share of the property for the £70k - unless you accept liability for that in writing you are not liable. The debt only becomes statute barred (this would be the balance of the original promissory note) if six years go by without a demand. When did he last make a demand for the original balance - not the further monies advanced to your husband?
Hi, Thank you. To be clear he will be able to enforce the existing £70k against your husbands share of the property. If you want to put the brakes on you could offer him a charge over the property (with your consent) and in return ask for a forbearance agreement, this would be forbearance against being sued or having any enforcement proceedings being take. When will you expect to receive any compensation?
Hi, Thank you. For a debt to become statute barred, you need to go 6 years without there being any demand for payment - every time a demand for payment is made this period will reset. Sorry if I have misunderstood this point but to confirm the £70k is your husbands debt only?
Hi, Thank you. ***** can assist any further please do not hesitate to contact. In the mean time I would be most grateful if you would rate my answers on this thread? Kind regards AJ