ACKNOWLEDGEMENT OF DEBT –1 DEBTOR, PAYMENT IN INSTALMENTS
This Acknowledgement of Debt may be considered for use where a debt is owed by a single person or legal entity. This Acknowledgement of Debt strives to confirm the debt that is due, and specifies that the debt is payable in a number of instalments.
Why do I need an Acknowledgement of Debt?
The Acknowledgement of Debt strives to confirm that a debt is due, and sets out an undertaking by the Debtor to pay the debt in instalments on agreed dates. If the debt is not paid as agreed, the creditor may use the Acknowledgement of Debt to take further action.
What type of business should use an Acknowledgement of Debt?
If your business has debtors that owe money, this Acknowledgement of Debt may be used to specify the amount owed and the agreed payment terms.
What does the Acknowledgement of Debt say?
The Acknowledgement consists of:
- The name of the Debtor
- The amount of the debt
- The repayment details
What does the Acknowledgement of Debt look like?
- The agreement can be printed onto one A4 page.
What do you need to do to use the Acknowledgement of Debt?
- Read the document to ensure that it suits your requirements. Make changes as required.
- Complete the relevant details, and get the Debtor to sign.
Also known as:
Please note: this transaction may be subject to the National Credit Act 34 of 2005, in which event an expert’s advice should be sought.
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