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How should I write an IOU that needs to be extended when it expires?

How to write a IOU for delayed repayment

How to write a IOU for delayed repayment in installments: First, write the borrower’s name, ID number and contact information, and secondly, write down the borrower’s loan amount The amount and interest, as well as the total amount that should be repaid, then clearly state that the loan has expired, state the reasons for non-repayment when due, and finally write down the method and time of delayed installment repayment, and the borrower will Signed and dated.

Legal Basis

According to Article 667 of the Civil Code that took effect on January 1, 2021

The loan contract is the borrower’s A contract whereby a person borrows money and returns the loan and pays interest when due.

Article 668 of the Civil Code

A loan contract shall be in writing, unless otherwise agreed on the loan between natural persons.

The content of a loan contract generally includes terms such as loan type, currency, purpose, amount, interest rate, term and repayment method. How to write an extension of the IOU

How to write an extension of the IOU: After the IOU expires, if the debtor does not repay the debt, the IOU can be re-issued through consensus reached by both parties.

Legal basis:

"People's Republic of China and Civil Code"

Article 668 The loan contract shall be in writing, but natural persons Unless otherwise agreed on the loan between them. The content of a loan contract generally includes terms such as loan type, currency, purpose, amount, interest rate, term and repayment method.

Article 673: If the borrower fails to use the loan according to the agreed purpose of the loan, the lender may stop issuing the loan, withdraw the loan in advance or terminate the contract.

Article 676 If the borrower fails to repay the loan within the agreed time limit, it shall pay overdue interest in accordance with the agreement or relevant national regulations. How to extend an IOU after it expires?

Two ways to extend the IOU: first, pursue the claim from the other party before the IOU expires, causing an interruption in the statute of limitations, and keep relevant evidence; second, ask the other party to re-open the loan In the IOU, state when you borrowed the money, why you haven't paid it back now, what you plan to pay back, and then sign the date.

According to my country’s existing legal provisions, the statute of limitations for loan disputes is three years. Therefore, when the IOU is about to expire, the first thing to do is to interrupt the statute of limitations. If you can contact the other party and the other party agrees to cooperate, you can rewrite the loan statement to acknowledge the previous loan relationship and facts. You can also agree on the interest for deferred payment, so that you can claim a higher interest later; if you contact us at all If you don't get the other party or the other party is unwilling to cooperate, keep the evidence you request every time through text messages or phone calls.

No matter which method is used, it is recommended that once you find that the other party is unwilling to pay back the money, you should file a lawsuit as soon as possible to protect your own rights and interests.

Legal basis:

Article 195 of the General Principles of the People's Republic of China and the Civil Law of the People's Republic of China. If any of the following circumstances occurs, the statute of limitations will be interrupted from the time of interruption or the relevant period. From the end of the procedure, the statute of limitations period is recalculated: (1) The obligee files a request for performance to the obligor; (2) The obligor agrees to perform the obligation; (3) The obligee files a lawsuit or applies for arbitration; (4) The obligee files a lawsuit or applies for arbitration; Other situations in which application for arbitration has the same effect

"Provisions of the Supreme People's Court on Several Issues Concerning the Application of the Limitation System in the Trial of Civil Cases" Article 12 If one party submits a complaint or makes an oral complaint to the People's Court, the lawsuit shall The statute of limitations is interrupted from the date of filing of the complaint or oral complaint. How to write the renewal of the original IOU

Legal analysis: The IOU can be re-drafted or a new IOU can be added, mainly to clarify the changes in relevant matters. If there is an extension or other agreement between the two parties, the agreement shall prevail. If there is no agreement, the repayment period will be calculated separately. The borrower can apply to the lender for an extension before the repayment period expires. It can be extended if the lender agrees. How to write an IOU for renewal of a loan, the legal requirement is that the time is not agreed upon.

IOUs are protected by law: For an IOU to be legally effective, it should have the following contents: 1. The full legal names of the borrower and lender should be written clearly. 2. The loan amount should be written clearly, including the amount in uppercase and lowercase letters. 3. The loan time period should be written clearly, including the start, month and end dates of the loan and the clear loan period. 4. The specific year, month and day of repayment should be written clearly. 5. The interest on the loan should be written clearly, and there should be a clear annual interest rate or monthly interest rate, and the total amount of loan interest that should be paid in the end (including uppercase and lowercase amounts) and other agreements. 6. The year, month, day, time and method of payment for the repayment of the principal and interest of the loan should be clearly stated. 7. There should be a signature, seal, fingerprint or handwriting of the borrower.

What is the difference between an IOU and an IOU: 1. The meaning and corresponding legal relationship are different. An IOU is generally reflected as a legal loan contract relationship, and an IOU is the evidence of a loan contract, while an IOU is often A settlement between the parties is a relatively pure creditor-debt relationship. 2. The different reasons are that IOUs are generally generated based on the fact of borrowing. However, IOUs may be the result of various legal relationships, such as sales, services, etc. 3. The legal consequence of the difference is that the statute of limitations for IOUs and IOUs that do not specify a specific repayment period are different. For IOUs with no repayment deadline, the creditor can also demand repayment from the debtor at any time.

For IOUs with no repayment time limit, when the debtor issues the IOU, the creditor shall claim rights in the People's Court within 2 years from the date of issuance of the IOU. In other words, the statute of limitations for IOUs with no repayment time limit shall be calculated from the date of issuance.

Legal basis: "The People's Republic of China and the Civil Code"

Article 667: The loan contract means that the borrower borrows money from the lender and returns the loan and pays when due interest contract.

Article 668: A loan contract shall be in written form, unless otherwise agreed upon for a loan between natural persons. The content of a loan contract generally includes terms such as loan type, currency, purpose, amount, interest rate, term and repayment method.