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Why they won't accept our prom notes UK

Any questions regarding Promissory Notes

Why they won't accept our prom notes UK

Postby Topher » Sat Feb 11, 2017 8:57 pm

CCA 1974

123 Restrictions on taking and negotiating instruments.

(1)A creditor or owner shall not take a negotiable instrument, other than a bank note or cheque, in discharge of any sum payable—
(a)by the debtor or hirer under a regulated agreement, or

(b)by any person as surety in relation to the agreement.

(2)The creditor or owner shall not negotiate a cheque taken by him in discharge of a sum payable as mentioned in subsection (1) except to a banker (within the meaning of the M1Bills of Exchange Act 1882).

(3)The creditor or owner shall not take a negotiable instrument as security for the discharge of any sum payable as mentioned in subsection (1).

(4[A person takes a negotiable instrument as security for the discharge of a sum if the sum is intended to be paid in some other way, and the negotiable instrument is to be presented for payment only if the sum is not paid in that way.

(5)This section does not apply where the regulated agreement is a non-commercial agreement.

(6)The Secretary of State may by order provide that this section shall not apply where the regulated agreement has a connection with a country outside the United Kingdom
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Re: Why they won't accept our prom notes UK

Postby Topher » Wed Feb 15, 2017 2:07 pm

The banks can not accept the prom note for discharge of debt, they deal in bank notes.

However, a person can.

If you take out a loan they hold an account in debit --£10,000. This is actually credit, they hold it as an asset. They then sell this asset to an investor and get paid in bank notes.

We then also repay them in bank notes as this is what they deal in.


The debt account is credit from the prom note.

All credit is a debt instrument. A bank note is a debt instrument, bank deposits are debt instruments, promissory notes are debt instruments, therefore credit.


If i have a £20 BoE note it is used as credit, because its reputable and widely accepted.

If I have a £20 prom not it is credit, just not reputable and widely accepted.

All debt is credit and all credit is debt


The bank hold your credit (debt) and use it as an asset, then sell it to an investor retain the interest and you pay them again in bank notes, debt.

This is why the national debt is going up and up, because you can't pay a debt with a debt..

Your prom note, debt, IOU, isn't paid the debt is transferred to the bank of England, now they owe it to the bank, not you.

Prom notes are the credit, the banks hold it as an asset, but can not use it as a discharge.

A person can use it as a discharge if the sum is intended to be paid another way.
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Re: Why they won't accept our prom notes UK

Postby Topher » Wed Feb 15, 2017 2:20 pm

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Re: Why they won't accept our prom notes UK

Postby Topher » Wed Feb 15, 2017 2:32 pm

They can however accept a prom not for credit, hence how they credit your account when you take out a loan, but the discharge is not accepted from the prom note, a person can stipulate how they want to be paid and that doesn't mean it has to be legal tender.

The account is in your name , you are legal owner, the bank has beneficial interests in the asset. You can accept a prom note for discharge and they can accept a prom note as credit.

Bank deposits and cheques are not legal tender yet they are accepted by banks for discharge of debts.
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Re: Why they won't accept our prom notes UK

Postby landlubber » Wed Feb 15, 2017 3:28 pm

Topher wrote:The banks can not accept the prom note for discharge of debt, they deal in bank notes.


All credit is a debt instrument. A bank note is a debt instrument, bank deposits are debt instruments, promissory notes are debt instruments, therefore credit.


If i have a £20 BoE note it is used as credit, because its reputable and widely accepted.


Wrong! BoE have nothing to do with being reputable...We are being fooled into believing that their notes have value. Check out the BoE's quarterly bulletins for varification.

If I have a £20 prom not it is credit, just not reputable and widely accepted.


Only partly correct. A promissory note is cash...this is proven by Lord Denning and now varified by the European Union parliament(we're not out of it yet.) They won't accept them because they don't want us to be seen to be able to get out of debt. We are debt Slaves like it or not. If everyone turned round and decided to give and accept their own PN's then the banks would be up shite creek without a damned paddle.

All debt is credit and all credit is debt.
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Re: Why they won't accept our prom notes UK

Postby Topher » Wed Feb 15, 2017 4:11 pm

landlubber wrote:
Topher wrote:The banks can not accept the prom note for discharge of debt, they deal in bank notes.


All credit is a debt instrument. A bank note is a debt instrument, bank deposits are debt instruments, promissory notes are debt instruments, therefore credit.


If i have a £20 BoE note it is used as credit, because its reputable and widely accepted.


Wrong! BoE have nothing to do with being reputable...We are being fooled into believing that their notes have value. Check out the BoE's quarterly bulletins for varification.

If I have a £20 prom not it is credit, just not reputable and widely accepted.


Only partly correct. A promissory note is cash...this is proven by Lord Denning and now varified by the European Union parliament(we're not out of it yet.) They won't accept them because they don't want us to be seen to be able to get out of debt. We are debt Slaves like it or not. If everyone turned round and decided to give and accept their own PN's then the banks would be up shite creek without a damned paddle.

All debt is credit and all credit is debt.



I was going by the "legal tender" (which it is not, only through acts of parliament) status of BoE notes, in terms of reputability.

Your point on debt slavery and a prom note having equivalent value is spot on.

Banks do accept prom notes as cash for credit, they do not accept them for discharge.


If I take out a loan, they credit my account with bank deposits, which are their form of IOU's. They then hold another account, which from our view, shows debt.

This debt is the credit from the prom note. They hold it as an asset, it can only be an asset if its credit.

If I don't have a car or if I owe someone a car I can't sell the car I don't have, But if I have a car, I can sell it.

The banks have an asset, the credit from your prom note, your promise to pay, they securitise it, sell it, then stipulate that you need to pay in bank notes. Which is not paying is passing the debt to BoE. They already got paid when they held the credit you gave them from the prom note.

Debt is credit and credit is debt.
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Re: Why they won't accept our prom notes UK

Postby Topher » Wed Feb 15, 2017 4:16 pm

With this frame of mind I could defiantly go into the court room as the creditor.
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Re: Why they won't accept our prom notes UK

Postby flyingfish » Wed Feb 15, 2017 4:42 pm

When you're paying something whatever you tender only has value if the other party believes and trusts in it's value. So speaking personally if I was selling (for example) a car, I'd accept cash or a bank transfer as payment received. I'd accept a cheque as payment only once it's cleared. I wouldn't accept a promissory note issued by a private individual as I'd have no confidence it would be honoured, or that I could trade it elsewhere for cleared funds.

landlubber wrote:Only partly correct. A promissory note is cash...this is proven by Lord Denning ...

Regarding the Lord Denning comment, are you referring to Fielding and Platt Ltd v Najja?
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Re: Why they won't accept our prom notes UK

Postby Topher » Wed Feb 15, 2017 5:07 pm

flyingfish wrote:When you're paying something whatever you tender only has value if the other party believes and trusts in it's value. So speaking personally if I was selling (for example) a car, I'd accept cash or a bank transfer as payment received. I'd accept a cheque as payment only once it's cleared. I wouldn't accept a promissory note issued by a private individual as I'd have no confidence it would be honoured, or that I could trade it elsewhere for cleared funds.

landlubber wrote:Only partly correct. A promissory note is cash...this is proven by Lord Denning ...

Regarding the Lord Denning comment, are you referring to Fielding and Platt Ltd v Najja?





The promissory note is cash and cleared funds, its just not recognised widely.

No one ever pays only promises to pay, a promise to pay from BoE is only a promise to pay, just like a promissory note.

It is no different to a BoE note, its just not as reputable as you say, but it is exactly the same thing with exactly the same value. NO VALUE whatsoever.

The banks accept the prom note which is how you get the credit into your account from a loan.

The credit in your account is a debt they owe you and credit you can use.

A debt to them is your credit that they use, they get paid twice when you give them BoE notes and the debt is never paid, just passed to BoE, that is why the national debt is increasing and why there is more money in society because money is debt.

The banks will clear the funds from a prom note if its for a debt to them, that is how a prom note turns into a bank deposit.

Your completely right about trust it is all about trust, but a BoE note is never redeemed, we trust something that has no value. Our fame of mind is all messed up.

Your promise to pay or their promise to pay, either way no ever gets or will get paid.
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Re: Why they won't accept our prom notes UK

Postby flyingfish » Wed Feb 15, 2017 6:12 pm

Topher wrote:Your completely right about trust it is all about trust, but a BoE note is never redeemed, we trust something that has no value.

It's the general acceptance that gives a BoE note real value. If you give me BoE notes I can use them to pay for stuff over the counter, or I can pay them into my back account meaning their value can be used to pay by cheque, by direct debit, bank transfer to others, paying my credit card or Paypal balance. I can't do any of these things with a PN issued by an individual.
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