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Promissory Note, Employee loan - consumer credit act applicable?

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  • #1

    Promissory Note, Employee loan - consumer credit act applicable?

    Hi All,

    I was provided with a promissory note (a loan agreement), a simple agreement with the company paying 10k to me. The agreement states that it has12% interest and that if I leave within 2 years the loan is repayable with interest. If I last 2 years, it's not repayable and the loan falls away (basically a deferred bonus). I left within 2 years (because of constructive dismissal) and they're chasing for payment. I think the loan should sit under the CCA, does anyone have experience of this?! Thanks
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  • #2
    You will need to post up an anonymised copy of the agreement that you signed.
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