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DO NOT use this method unless you know what you are doing

Any questions regarding Promissory Notes

DO NOT use this method unless you know what you are doing

Postby ceylon » Mon Nov 10, 2014 11:39 am

DO NOT use this method unless you know what you are doing

do not use this method if you do not know what you are doing.

if you do you may end up in more trouble

it would be stupid to jump in a car and drive if you have no experiance

same applies with Promissory notes
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Re: DO NOT use this method unless you know what you are doin

Postby jaysinc111 » Sat Dec 20, 2014 7:56 pm

Hi Ceylon

Why is this? I have read on the forum of certain success using promissory notes so I'm a little confused.

Regards
Jay
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Re: DO NOT use this method unless you know what you are doin

Postby ceylon » Sat Dec 20, 2014 9:00 pm

because if you do not fully know what your doing and why you will end up in possible bigger trouble
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Re: DO NOT use this method unless you know what you are doin

Postby Manikbuzzard » Sun Jan 04, 2015 1:24 pm

ceylon wrote:because if you do not fully know what your doing and why you will end up in possible bigger trouble


Ceylon is spot on here guys don't use this method unless you know exactly what your doing and have actually done your own research before using this process, especially anyone in Scotland thinking of using this process make sure you read section 16 of the banknotes (Scotland) act 1845, the bills of exchange act 1882, and the Banking act 2009 part 6 if after reading these you comprehend the information within them it will show you how to write your promissory notes so that you don't end up getting yourself in deep-shit under section 221 Banking act 2009.
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Re: DO NOT use this method unless you know what you are doin

Postby Hadenuf » Sun Jan 04, 2015 11:35 pm

My friend used a promissory note against her electric company and it all backfired. She had a forced entry with a "dumb" meter fitted, which now charges her at a ridiculous high rate for electric. She is now in the red/debt with this meter only after two weeks. And the scum have charged her for this forced entry too. Plus the initial bill with interest - what was originally £600, has now shot up to £1100.

It has gone horribly wrong for her. She does not know where to turn. None of the sites are really helping her. She feels so isolated and has no longer faith in the Freeman principles. She feels the Freeman movement is a scam.

In conclusion: she is full of debt, has a "dumb" meter she loathes due to health risks and data collection and they are still hounding her. And she knows these debts will exponentially increase.

I want people to read this, because it is all very well getting high on 'success stories', but we also need to be seeped in realism.

Buy the way, when she has contacted others, all they keep saying to her is "seek remedy"; but where is her remedy now I ask? This is not a rhetorical question. Can anybody offer some real tangible/constructive help for her situation. I feel impotent to help her as my knowledge on these subjects is weak.

Many thanks.
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Re: DO NOT use this method unless you know what you are doin

Postby mareo » Mon Jan 05, 2015 8:04 am

mareo wrote:
Manikbuzzard wrote:Not that we need to totally forget Lord Dennings judgement but i've found European union regulations that say Promissory Notes are Cash check the Link out here

http://ec.europa.eu/taxation_customs/cu ... 140_en.htm



Image

TAXATION & CUSTOMS UNION

CASH TO BE DECLARED

In the 'Cash-control Regulation' (see Article 2 of Regulation (EC) No 1889/2005pdf), cash is defined as:

http://eur-lex.europa.eu/LexUriServ/sit ... 090012.pdf

Bearer-negotiable instruments, including monetary instruments in bearer form such as travellers cheques.

Negotiable instruments (including cheques, promissory notes and money orders) that are either in bearer form, endorsed without restriction, made out to a fictitious payee, ;) or otherwise in such form that title thereto passes upon delivery.

Incomplete instruments (including cheques, promissory notes and money orders) signed, but with the payee's name omitted.

Currency, i.e. banknotes and coins that are in circulation as a medium of exchange.

Information on cheques
Article 2 of Regulation (EC) No 1889/2005 refers to cash and monetary instruments whose value can be transferred from one person to another. This covers all financial and monetary instruments whose origin and destination are anonymous or which can be endorsed and transferred successively by several recipients and includes cheques.

Third party cheques i.e. a cheque presented for payment into the account of, or to, a person other than the nominated payee must be declared. Cheques payable to the holder of the bank account, on which this cheque will be drawn, can be traced and in this case there is no obligation to declare.

Information on gold, precious metals and precious stones
Gold, precious metals and precious stones are not covered by the cash control Regulation. These items are covered under customs laws and may be specifically targeted in national legislation.
Information on currency (banknotes and coins)

Banknotes and coins, no matter what material they are made from, that are in circulation as a medium of exchange are included in the definition of cash. :lol: :lol:

Currency that is no longer valid as means of payment are not considered as cash.

Old coins (collection coins) and bullion coins are not included either.

Banknotes and coins which are not freely convertible, such as Morocco's dirham, are included in the definition of cash.

Information on casino chips
Casino chips (also known as casino tokens), that serve as monetary instruments in casinos, are not included in the definition of cash.


http://ec.europa.eu/taxation_customs/cu ... 140_en.htm
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Re: DO NOT use this method unless you know what you are doin

Postby Manikbuzzard » Thu Jan 15, 2015 12:42 pm

found some interesting info seems we have a duty to withold the tax when paying with promissory notes

CFM37420 - Loan relationships: special types of security: funding bonds: deduction of tax
Deduction of tax at source

Where funding bonds are issued by or through a person in the United Kingdom, any obligation to deduct tax at source from interest (for example under ITA07/PT16) applies with modifications. ITA07/S939 tells the issuer how to account for tax. There are two steps.

First, the issuer must ‘retain’ (i.e. withhold) the appropriate proportion of the bonds from the creditor, to represent the income tax deductible. This step is mandatory (unless exceptionally, retention would be impracticable, see CFM37430. Second, the issuer ‘may’ satisfy the tax by tendering the withheld bonds to HMRC. The word ‘may’ means that tendering them is not mandatory, and so the issuer can pay the tax in cash instead. If paid in cash it is still mandatory to withhold bonds from the creditor under step 1.

A valuation of the bonds is needed to determine the amount of interest paid by the funding bond issue and the amount of income tax to be deducted from that interest. Where unquoted shares or securities are involved the advice of Shares & Assets Valuation should be sought in accordance with CG59500 onwards.

the other info i found on this can be found in my other post here http://www.getoutofdebtfree.org/forum/v ... 40&t=81158
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Re: DO NOT use this method unless you know what you are doin

Postby landlubber » Tue Jan 20, 2015 8:58 pm

Here is a fascinating little application regard Set-off v Discharge in the shape of a Pdf in only 3 pages. Very applicable to A4V and Promissory Notes as ammunition in your arsenal. :D

http://globalfact2012.com/radio/stan/20 ... CHARGE.pdf

:D Peace
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Re: DO NOT use this method unless you know what you are doin

Postby Tautoko » Sun Feb 15, 2015 12:41 pm

Has anyone used their Birth Certificate as promissory notes?
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Re: DO NOT use this method unless you know what you are doin

Postby Bill:ofKintyre » Fri May 22, 2015 1:54 pm

ceylon wrote:DO NOT use this method unless you know what you are doing

do not use this method if you do not know what you are doing.

if you do you may end up in more trouble

it would be stupid to jump in a car and drive if you have no experience

same applies with Promissory notes
This wise advice needs to be repeated.
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