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Ben Jones
Ben Jones, UK Lawyer
Category: Law
Satisfied Customers: 49814
Experience:  Qualified Solicitor - Please start your question with 'For Ben Jones'
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How binding is a promissory note

Customer Question

how binding is a promissory note
Submitted: 1 year ago.
Category: Law
Expert:  Ben Jones replied 1 year ago.
Hello, my name is***** am a qualified lawyer and it is my pleasure to assist you with your question today. What was the promissory note for?
Customer: replied 1 year ago.
I lent my son in law £20.000 its to be paid back this july and now he is I think getting a divorce from my daughter cant confirm he is , but I made him sign this promissory note and to include 3% interest
Expert:  Ben Jones replied 1 year ago.
Promissory notes can be just as legally binding as a for ally drawn contract. For a contract to be binding there needs to be an offer, an acceptance and an intention to create legal relations. So if you had offered to lend him the money on the specific terms, he accepted and took the money and through signing the promissory note it was clear that you wanted this to become a legal agreement, you already have the necessary elements for a legally binding contract in place. Therefore you can rely on the promissory note to legally enforce the debt, just as if you had a formal financial agreement in place. This is your basic legal position. I have more detailed advice for you in terms of the steps you need to take should the debtor default on the payment, which I wish to discuss so please take a second to leave a positive rating for the service so far (by selecting 3, 4 or 5 stars) and I can continue with that and answer any further questions you may have. Don’t worry, there I no extra cost and leaving a rating will not close the question and we can continue this discussion. Thank you
Customer: replied 1 year ago.
I do not wish to enroll in anything, I just wanted to clarify my position and I do not under any circumstances be billed again. I was totally shocked at the speed you took my money. In fact I am not at all happy at all £47 for a few seconds work is a scandal.
Please remove all my details from you're site. I am not happy at all.B Fletcher.
Expert:  Ben Jones replied 1 year ago.
Not sure what you are referring to, you are not enrolling in anything. Also please check the terms - you place a deposit to post a question, which you did here. I gave you a basic answer and have a lot more detail ready for you on how to pursue this matter further legally but obviously if you do not want that then I am not going to proceed.