Promissory note

L

Legalgirl

Guest
Jurisdiction
United Kingdom
hello

I have a question regarding promissory notes.

This is the situation: a promissory note has been signed between two individuals, the borrower and the lender. The borrower at the time didn't check if the amount stated was actually correct.

Now that the amount would have been due the total amount was checked and only a small percentage was actually correct. Is there a way out of the promissory note? Is there a paragraph that states, that bills have to be provided in order to proof the amount stated in the promissory note?

in short: does there need to be proof (such as bills, invoices etc) that the amount stated is correct in the promissory note?



thank you!
 
This is a US site. You'll have to find a UK legal forum for anything definitive but basic contract law is likely similar so I'll give you a few things to think about.

The borrower at the time didn't check if the amount stated was actually correct.

Incredibly stupid.

Is there a paragraph that states, that bills have to be provided in order to proof the amount stated in the promissory note?

A paragraph where? In the promissory note? Well, you'll have to read the promissory note and see if it's there or not. Make sense?

does there need to be proof (such as bills, invoices etc) that the amount stated is correct in the promissory note?

What does all that have to do with agreeing that you owe X dollars (pounds, whatever)?

Perhaps you could share the circumstances that occurred prior to the signing of the promissory note.
 
This is a US site. You'll have to find a UK legal forum for anything definitive but basic contract law is likely similar so I'll give you a few things to think about.



Incredibly stupid.



A paragraph where? In the promissory note? Well, you'll have to read the promissory note and see if it's there or not. Make sense?



What does all that have to do with agreeing that you owe X dollars (pounds, whatever)?

Perhaps you could share the circumstances that occurred prior to the signing of the promissory note.

Hi,

I know that it is stupid. It wasn't me signing it but my boyfriend and I didn't know about this up until now.

The circumstances are that he owed another person some money, but didn't keep track of how much he had paid back already before the promissory note was given.
After their ways parted the other person created a promissory note stating an amount and making him sign it by threatening to take him to court otherwise. He stupidly signed it without taking proof if the sum is correct.
The sum is created out of bills and invoices over the last five years but only contains half of the amounts that were paid back.
After I heard of this I noted every payment that was made and found that the amount owed is only 10% in comparison to the amount stated in the promissory note.
As the other person wants to take him to court now I want to know whether or not there is a law or paragraph or anything like this where it's stated that the amount which is shown in a promissory note has to be proved in order for him having to pay it or if the sum has to be paid regardless of it being correct or not.

Simply said: do invoices that created the total amount stated in the promissory note need to be provided in order to prove that the amount is right or not?

Thank you very much for helping!
 
"Simply said: do invoices that created the total amount stated in the promissory note need to be provided in order to prove that the amount is right or not?"

A Bobby suing Peggy in a court of law for $5,000 must prove that Peggy owes the $5,000 Bobby alleges is owed to him.

Peggy need only prove that she doesn't owe Bobby $5,000, or that she owed him a lesser amount, or that she paid him $XXXX and owes $YYY, or owes him nothing.
 
"Simply said: do invoices that created the total amount stated in the promissory note need to be provided in order to prove that the amount is right or not?"

A Bobby suing Peggy in a court of law for $5,000 must prove that Peggy owes the $5,000 Bobby alleges is owed to him.

Peggy need only prove that she doesn't owe Bobby $5,000, or that she owed him a lesser amount, or that she paid him $XXXX and owes $YYY, or owes him nothing.
Hi,

Yeah that's what I would think from a logical point of view, but I wasn't sure if that is still the case after reading the law about bills of exchange.
As this said that the promised amount has to be paid back in full.
Is there a law or paragraph in a law that says that there needs to be proof of the original sum?

Thank you!
 
Hi,

Yeah that's what I would think from a logical point of view, but I wasn't sure if that is still the case after reading the law about bills of exchange.
As this said that the promised amount has to be paid back in full.
Is there a law or paragraph in a law that says that there needs to be proof of the original sum?

Thank you!


That's exactly what the plaintiff must prove in court, that someone agreed in writing to pay her $XXX.

Bills of exchange have nothing to do with what passes itself off as an ALLEGED promissory note.
 
That's exactly what the plaintiff must prove in court, that someone agreed in writing to pay her $XXX.

Bills of exchange have nothing to do with what passes itself off as an ALLEGED promissory note.
Well but this proof is there. The promissory note is there with an amount, which after careful consideration is wrong. The promissory note was signed before the amount was checked though
 
The signed promissory note is the ONLY evidence that the creditor has to present in court to prove that your boyfriend owes X. How X was determined is irrelevant. All that matter is that your boyfriend signed a promissory note that says he owes X which means that he agreed that he owes X regardless of how X was determined.

Simply said: do invoices that created the total amount stated in the promissory note need to be provided in order to prove that the amount is right or not?

Absolutely NOT.

The only defense that your boyfriend may have is going to be how much he has paid toward X.

After I heard of this I noted every payment that was made

What EVIDENCE of those payments do you have? Cancelled checks? Receipts? Something else?

Here's another thing:

the other person wants to take him to court now

To paraphrase Yoda, there is no want to sue, there is only sue or not sue.

As long as your boyfriend hasn't been served a summons and complaint (whatever they are in the UK) he isn't being sued and he has the option of negotiating a settlement or ignoring the creditor altogether and hoping that no lawsuit gets filed within the UK's 6 year statute of limitations on debts.
 
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