An IOU is a document written when borrowing money or goods. It is a type of contract mostly used when borrowing money. It is a disposition document with civil effect and has legal effect with the obligation to repay as written. The way to write it is to write the title of the IOU correctly. No, you only need to enter the exact details that can function as an IOU.
How to write an IOU
Financial borrowing certificate
Whether you call it a memorandum, a memorandum of agreement, or a memorandum of repayment, the title is not that important. The content itself just needs to be written accurately about who lends how much to whom and when it will be repaid.
How to write an IOU, write IOU as the title, then write the amount, write it in numbers and in Korean, and write down the borrowing period and repayment period. If the repayment period is not written down, it will be difficult to collect it later. Also, please write down the current interest. Transactions between individuals under the Limitation Act can be set at 24% per annum.
Lastly, please write down the borrower and creditor information carefully. If the name, address, or resident registration number is different, it may become difficult to retrieve it later. Please write down this personal information by hand as much as possible. You can prevent it from being revealed that it was not written. In the case of a seal, if possible, affix a seal and attach a seal certificate. Some people may say that the seal is not my seal.
It’s a bit weird to lend money to a close person and ask them to fill out an IOU. At that time, you still need to leave a simple recording of the call or a KakaoTalk message later. Of course, you have to lend money by bank transfer rather than cash. As in the IOU above, you can simply explain how much and by when. Do something and leave a record. 000ya via KakaoTalk. What account did you transfer 10 million won to? Please repay it by December of this year. I hope you can leave a record like this. I am attaching an IOU template at the bottom.