There is a saying that the closer you are, the better not to do money transactions.
Even close friends can be in trouble if a dispute arises later if the money transaction is carried out only verbally. 공증 비용
So today, I’m going to tell you about how to write an IOU and how to get notarized, so please watch it with interest until the end. 좋은뉴스
What is an IOU?
An IOU is a document given by a debtor to a creditor to prove that money or goods have been borrowed.
The reason why you should make sure to fill out the paperwork when lending money is because it is used as basic data in case of debt collection due to any problem.
When lending money, using a method that leaves evidence, such as account transfer, can relatively easily be recognized as a borrowing when a dispute arises later.
If you want to be certain of the legal effect of the IOU, it is recommended to have it notarized at a notary public office, and when the debtor pays off all the money or items borrowed later, it is recommended to retrieve the original IOU and get a receipt from the creditor.
IOU Form
There is no separate IOU format, so there are many people who find it difficult to write an IOU.
In order to ensure the legal effect of the IOU, it is necessary to include important details such as the personal information of the creditor and the debtor, the amount of the debt, matters related to interest, the due date and method of payment, disadvantages such as penalty in case of non-payment, deadline, condition, and date of transaction. great.
Korea Legal Aid Corporation IOU form https://www.klac.or.kr/legalinfo/legalFrm.do
How to write an IOU
When entering the creditor’s and debtor’s personal information, the name, resident registration number, address, and phone number must be accurately written.
When writing the amount of debt, it is recommended to use both Korean and Arabic numeral notation for accuracy.
If you are using an IOU with an agent, you must separately enter the personal information of the agent, check the identity of the agent by comparing it with the agent’s ID, and obtain a power of attorney to prove the agent’s power of attorney.
interest rate
If the creditor lends money without interest, indicate that it is an interest-free loan, and if interest is received, indicate that there is interest and the interest rate.
If only stating that there is an interest rate and omitting the interest rate, the statutory rate of 5% per annum is applied, and for financial transactions based on commercial transactions, the statutory rate of 6% per annum may be applied.
In addition, if the principal amount is more than 100,000 won, it can be freely agreed upon within the limit of the annual interest rate of 24%. If you receive interest in excess of this maximum interest rate, you will be punished by imprisonment for up to one year or a fine of up to 10 million won. .
get notarized
In order to ensure the legal effect of the IOU in preparation for legal disputes, it is good to have it notarized. You can proceed with notarization by verifying the IOU already written, or you can write the IOU itself as a notarial deed in the first place.
The notary can be notarized at a notary office that has received notarization from the Minister of Justice.
If it is difficult for the person concerned to visit in person, the agent can bring the person’s ID card, seal, and seal of the person who wrote the IOU and a certificate of seal.
Notary fee
Notary fees vary depending on the amount of the debt and the type of notarization. Please refer to the table below for approximate costs.
There are still many cases where it is awkward to write an IOU when borrowing money from someone you know in Korea.
When a dispute arises after borrowing or lending money, one of the things that can minimize a dispute is an IOU.