Acknowledgement of Debt – 1 debtor, single payment

ACKNOWLEDGEMENT OF DEBT –1 DEBTOR, SINGLE PAYMENT SETTLEMENT

Summary

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 on an identified date in a single payment.

More information

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 confirm the amount owed and the agreed payment date.

What does the Acknowledgement of Debt say?

The Acknowledgement consists of:

• The name of the Debtor
• The amount of the debt
• The repayment details
• General  

• The agreement can be printed onto one A4 page.

• Read the document to ensure that it suits your requirements. Make changes as required.
• Complete the relevant details, and get the Debtor to sign.

• Payment Undertaking
• AOD

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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