How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Ben Jones Your Own Question
Ben Jones
Ben Jones, UK Lawyer
Category: Law
Satisfied Customers: 49855
Experience:  Qualified Solicitor - Please start your question with 'For Ben Jones'
Type Your Law Question Here...
Ben Jones is online now

Many thanks help, Clare! But I now need further

This answer was rated:

Many thanks for your help, Clare! But I now need further help! My son-in-law has offered to pay me back 3,000 pounds of the 12,000 pounds he owes me. As I would otherwise bankrupt him, I am minded to accept the offer. It would also avoid going to court.
However I would like to have some binding agreement. Will the below suffice? A PERSONAL PROMISSARY NOTE I, _______ (Borrower) agree to repay to ________ (Lender) the sum of 3,000 pounds sterling for lending me said funds for the purchase of a Fiat Stilo. The
terms of the Loan: 1. One hundred pounds sterling per month 2. Zero interest rate 3. Start Date – 1.12.2015 4. Duration – 30 months, until May 2018 5. Failure to repay the loan will result in the matter being addressed in Court. Both the parties agree to the
terms stated here. The terms may not be modified without the mutual consent of the parties. Signed on this _______ day of ______ month, ______ year Lender’s Name and Signature Borrower’s Name and Signature I desperately need to keep it as simple as possible,
otherwise I know he won't sign. Many thanks and please let me know what I owe you and how to pay for this extra advice. Regards ***** *****
Hello, my name is***** am a qualified solicitor and it is my pleasure to assist you with your question today. Are you accepting this as full and final settlement of the money he owes you?
Customer: replied 2 years ago.
Hello Jane, the proposed wording is absolutely fine. It clearly states what is owed and how it is to be repaid. There is no need for complex legal wording and that can be used as a legal agreement between the two of you. Even without anything in writing it is possible to have a legal agreement but obviously having a written document is better so that the parties know exactly where they stand. So you can go ahead and use this agreement as proposed. I hope this has answered your query. I would be grateful if you could please take a second to leave a positive rating (3, 4 or 5 stars) as that is an important part of our process and recognises the time I have spent assisting you. If you need me to clarify anything before you go - please get back to me on here and I will assist further as best as I can. Thank you
Customer: replied 2 years ago.
Thank you, ***** ***** That is very helpful advice! One final thing, to encourage my son-in-law to sign, I'm sure he would like the words you use 'in full and final settlement' to be used, as this is to his advantage. Can this be done and where would I insert such a phrase? Many thanks once again and I won't forget to grade you! (Sounds like school!!!) Regards ***** *****
Yes I did think about that but as I was advising you rather than him I thought I would leave it out. If you are happy to have this wording then I would amend the document to read:I, _______ (Borrower) agree to repay to ________ (Lender) the sum of 3,000 pounds sterling in full and final settlement for lending me said funds for the purchase of a Fiat Stilo. Hope this helps
Ben Jones and other Law Specialists are ready to help you
Customer: replied 2 years ago.
Many, many thanks, ***** ***** I feel much more confident about getting my son-in-law to commit not only to paying me back some of the money he owes me, but also to signing a document. Regards ***** *****
You are welcome, all the best