A Credit Card Promissory Note is typically used when a credit card holder wishes to consolidate or formalize their credit card debt into a structured repayment plan. This document is particularly relevant in the Canadian financial services sector, where it must comply with federal legislation such as the Bills of Exchange Act, the Bank Act, and provincial consumer protection laws. The note includes specific details about the debt amount, interest rate, payment schedule, and consequences of default. It's commonly used in debt restructuring scenarios, when converting revolving credit to a fixed payment plan, or when establishing more favorable repayment terms for the cardholder. The document provides security for the lending institution while potentially offering the cardholder more manageable repayment terms than the original credit card agreement.
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1. Parties: Identification of the creditor (credit card issuer) and debtor (cardholder), including full legal names and addresses
2. Background: Brief context explaining the credit card debt being consolidated into the promissory note
3. Definitions: Key terms used throughout the document, including 'Principal Sum', 'Interest Rate', 'Payment Date', etc.
4. Promise to Pay: The fundamental promise to pay the principal sum plus interest, specifying the exact amount owed
5. Interest Rate: Details of the interest rate, calculation method, and compounding frequency
6. Payment Terms: Schedule of payments, including amount, frequency, and method of payment
7. Prepayment Rights: Terms regarding early payment or additional payments above minimum required
8. Events of Default: Circumstances that constitute default and consequences thereof
9. Remedies: Rights and remedies of the creditor upon default
10. Governing Law: Specification that the note is governed by Canadian law and applicable provincial legislation
11. Notice: How and where formal notices must be delivered to each party
12. Execution: Signature blocks and witness requirements
1. Security: Include if the note is secured by any collateral or guarantee
2. Collection Costs: Include if the debtor will be responsible for collection costs and legal fees in case of default
3. Assignment: Include if the note may be assigned to other parties
4. Joint and Several Liability: Include if there are multiple debtors on the credit card account
5. Electronic Execution: Include if the note may be signed electronically
6. Currency: Include if payments may be made in multiple currencies
7. Credit Card Account Closure: Include if the underlying credit card account must be closed as part of the agreement
1. Schedule A - Payment Schedule: Detailed amortization schedule showing payment dates, amounts, and principal/interest breakdown
2. Schedule B - Credit Card Statement: Copy of the final credit card statement showing the total amount being converted to the promissory note
3. Schedule C - Pre-Authorized Debit Agreement: If applicable, the terms for automatic payment withdrawals
4. Appendix 1 - Interest Rate Calculation Method: Detailed explanation of how interest is calculated and compounded
5. Appendix 2 - Credit Card Account Details: Details of the credit card account(s) being consolidated into the promissory note
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Consumer Credit
Credit Card Services
Consumer Finance
Debt Collection
Legal Services
Financial Technology
Relevant Teams
Legal
Credit Operations
Collections
Compliance
Risk Management
Consumer Banking
Documentation
Customer Service
Account Management
Credit Administration
Relevant Roles
Credit Manager
Collections Officer
Legal Counsel
Compliance Officer
Credit Risk Analyst
Consumer Banking Officer
Financial Services Representative
Debt Recovery Specialist
Credit Operations Manager
Customer Service Manager
Account Manager
Banking Operations Officer
Credit Administrator
Legal Documentation Specialist
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