Interest on Promissory notes

Mr.Chips_2

I hope that a promissory note is close enough to being a loan to be a valid post on this board.

I have a promissory note written in 1981.

It does not mention any interest rate.
neither does it say it is interest free.

Is there a default in law which says that in the absence of an interest rate being mentioned, that a certain rate may be applied?

... and if so where can I find out what that rate would be based on?

Otherwise, any ideas how I might claim interest on it?

Your advice will be very welcome.

redpete

What is the wording on the note now? Presumably it is something like "Joe Bloggs will pay £x to Mr.Chips by the due date."

The £x is therefore the amount you are due, no more and no less.

Mr.Chips_2

Thanks,

the important wording is:-


"The Company (them) will pay the lender (me) the sum of £amount on written demand made after 28th December 1981"



Doesn't sound hopeful, does it!

Trajal

Err wouldn't that be statute barred to the tune of 25 years anyway?

paddyrg

Blimey, £x amount was worth a **** of a lot more in the 1970's/start of the 80's. Is the company even still trading in its original form? Is there anyone still working there able to authenticate it?! You may have more luck just selling them the note for the company archives or boardroom wall :-$