Promissory Note for Individuals with Interest and Instalments
This Interest & Instalments Promissory Note is a simple way for an individual to acknowledge and document a debt. It takes the form of a written, dated and signed unconditional promise by the ‘promisor’ to pay a definite sum of money to the ‘payee’ (who may be an individual or a company), either on demand or at a specified future date.
The note is signed only by the promisor (and not by the payee/lender).
As a general principle, for promissory notes, the law presumes (contrary to the usual rules of contract) that consideration is provided. It is therefore not necessary to execute a promissory note as a deed.
The debt recorded by this Promissory Note is unsecured.
What does Promissory Note for Individuals with Interest and Instalments do?
It records an individual’s promise to repay a debt, with interest, where repayment of the principal amount is to be made in instalments.
What does Promissory Note for Individuals with Interest and Instalments cover?
- An unconditional promise to pay a definite sum, payable on demand or on a specified future date
- Interest on the debt
- Repayment of the principal amount by instalments (two alternative instalment structures)
- An unsecured debt arrangement between the promisor and the payee (who may be an individual or a company)
When should you use Promissory Note for Individuals with Interest and Instalments?
Use this version if an individual is borrowing and you want interest to apply and the principal to be repaid by instalments, rather than by a single lump-sum payment.
Two repayment options are provided. The first allows you to specify the dates on which a defined sum will be paid. The second allows for a specified number of instalments (weekly or monthly) of a specified sum on a specified day of each week or month.
Choose the right version
If you need a more basic promissory note (without interest and instalments), use:
If you need a company version (including a basic company note without interest), use:
Promissory Note for Individuals with Interest and Instalments is part of Corporate. Just £38.50 + VAT provides unlimited downloads from Corporate for 1 year.