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Moon phases


Questions regarding the use of Promissory notes to clear bank related debt.

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Questions regarding the use of Promissory notes to clear bank related debt. Empty Questions regarding the use of Promissory notes to clear bank related debt.

Post by Akira on Sun May 12, 2019 2:24 pm

Hi, i have been digging for information on Youtube and on whatdotheyknow regarding Promissory notes in situations that involve bank related debt.

I have been trying to confirm if the use of a Promissory note for bank debt DISCHARGES the debt or does it PAY the debt? I can't find a concrete answer anywhere, some say it is paid (or satisfied) and others say it get's discharged, in addition to this banks will not accept a Promissory note as payment for a "debt" that you have with them but don't they have to accept them by law? I have also tried to find out if credit rating get's negatively affected if you use a Promissory note to discharge a debt with the bank (if the debt is discharged and not paid) So far all i can find on this is debt discharge relating to bankruptcy and not debt discharge from using a Promissory note.

Again, any help on confirming if the debt is paid or discharged when using a Promissory note will be greatly appreciated along with any other help regarding if the bank accepts Promissory notes. Cheers! Smile

Akira
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Questions regarding the use of Promissory notes to clear bank related debt. Empty Re: Questions regarding the use of Promissory notes to clear bank related debt.

Post by assassin on Mon May 13, 2019 1:56 am

No debt ever exists so it is never paid.

You can only ever discharge a debt and by the issue of a PN you discharge the obligations and once discharged they are satisfied.
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Questions regarding the use of Promissory notes to clear bank related debt. Empty Re: Questions regarding the use of Promissory notes to clear bank related debt.

Post by Akira on Mon May 13, 2019 9:06 pm

Thanks for your response assassin Smile

Akira
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