Template
Promissory note
The debtor's written acknowledgement of the debt — it interrupts the limitation period and can be made into an enforceable instrument.
- Interrupts
- The limitation period
- New period
- 10 years
- Can become
- An enforceable instrument
When to use it
Use it when the debtor is willing to acknowledge the debt in writing. It does two things at once, and both are valuable: it interrupts the limitation period and starts a new, ten-year period — and with the enforcement clause it becomes an enforceable instrument. If you are holding a claim that is approaching three years old, this is where you rescue it.
It has to be right
The wording is rarely the problem. It is the deadline, the fee and what the letter leaves out — and the mistake costs you the expenses, not the debtor.
- The enforcement clause must be included if the promissory note is to be used in the bailiff's court without a judgment
- The acknowledgement interrupts limitation — and a new, ten-year period runs from the signature
- The amount must be quantified and unambiguous
- Get it signed by whoever is actually liable — check the company form first
The fields that go wrong
Most placeholders are trivial. These are not.
- Clause 5 — enforcement
- Without the clause, the promissory note is evidence, not a basis. You will still have to go to court before you can levy execution.
- [AMOUNT IN WORDS]
- Write the amount out in full. It is not decoration — it closes down any argument about whether a digit was added afterwards.
- The signature
- Check the company form first. If the managing director of an ApS signs, he is not personally liable. If he is meant to be, it has to say so expressly.
Frequently asked questions
How long does a promissory note last?
Ten years. That is the big difference: an ordinary claim becomes time-barred after three years, but a claim resting on a promissory note lives for ten.
Is a promissory note the same as an acknowledgement of debt?
In practice the words are used interchangeably. What matters is not the heading, but whether the document contains an express acknowledgement of the debt — and whether the enforcement clause is in it.
Can I have a promissory note signed after the claim has become time-barred?
As a general rule, acknowledging a time-barred debt does not revive the claim. So do not wait — get the acknowledgement while the period is still running.
Next step
Voluntary settlementIf the debt is also to be paid off in instalments, the settlement is the right document — it holds both the acknowledgement and the repayment plan.Legal disclaimer. The template is generic and free to use. It is not legal advice and does not take account of the circumstances of your particular case. Rates, deadlines and statutory references change — check them before you use the document. If the claim is large, disputed or heading for court, call us before you send anything.