A Credit Card Promissory Note is utilized when parties wish to convert revolving credit card debt into a structured repayment arrangement. This document is particularly relevant in debt consolidation, settlement negotiations, or when establishing formal payment plans. It includes specific details about the principal amount, interest rate, payment schedule, and default provisions, all while complying with U.S. federal and state regulations. The note provides security for the creditor while potentially offering the debtor more favorable terms than the original credit card agreement.
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1. Promise to Pay: Clear statement of debt acknowledgment and promise to repay the credit card debt
2. Principal Amount: Specific amount of credit card debt being converted to promissory note, including account details
3. Interest Rate: Clearly stated interest rate, calculation method, and APR in compliance with TILA requirements
4. Payment Terms: Schedule, amount, and method of payments, including due dates and acceptable payment methods
5. Default Provisions: Consequences of missing payments or other defaults, including late fees and collection procedures
6. Governing Law: Statement that the note is governed by US federal law and applicable state laws
1. Collateral: Description of any security provided for the note, used when the promissory note is secured by assets
2. Acceleration Clause: Provision allowing lender to demand full payment upon default or specific triggering events
3. Prepayment Terms: Conditions and terms for early repayment of the note, including any prepayment penalties if applicable
4. Attorney Fees: Provision for recovery of attorney fees in case of default or collection proceedings
1. Payment Schedule: Detailed breakdown of payment dates and amounts over the term of the note
2. Interest Calculation Schedule: Method and examples of interest calculations as required by TILA
3. Credit Card Statement: Copy of final credit card statement showing debt amount being converted to note
4. Truth in Lending Disclosure: Required federal disclosures including APR, finance charges, and total payments
Relevant legal definitions
Agreement
Annual Percentage Rate (APR)
Business Day
Card Issuer
Cardholder
Credit Card Account
Default
Due Date
Event of Default
Finance Charges
Governing Law
Interest Rate
Late Payment Fee
Maturity Date
Minimum Payment
Outstanding Balance
Payment Date
Principal Amount
Promise to Pay
Repayment Schedule
Security Interest
Statement Date
Term
Transfer Date
Annual Percentage Rate (APR)
Business Day
Card Issuer
Cardholder
Credit Card Account
Default
Due Date
Event of Default
Finance Charges
Governing Law
Interest Rate
Late Payment Fee
Maturity Date
Minimum Payment
Outstanding Balance
Payment Date
Principal Amount
Promise to Pay
Repayment Schedule
Security Interest
Statement Date
Term
Transfer Date
Clauses
Relevant Industries
Relevant Teams
Relevant Roles
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