Acknowledgement of Debt – 1 debtor, single instalment
This Acknowledgement of Debt may be used where a debt is owed by one debtor to their creditor. An Acknowledgement of Debt can be used to acknowledge and confirm that a debt is due, and to specify the payment date for the debt.
ACKNOWLEDGEMENT OF DEBT
1 Debtor, single payment in settlement
Summary This Acknowledgement of Debt may be used where a debt is owed by a single person or legal entity. An Acknowledgement of Debt can be used to acknowledge and confirm that a debt is due, and to specify the payment date for the debt.
Why do I need an Acknowledgement of Debt? If you or your business has debtors that owe money, this Acknowledgement of Debt may be used to specify the amount owed and the agreed payment terms. This Acknowledgement of Debt confirms that a debt is due, and sets out an undertaking by the Debtor to pay the debt in a single instalment, on an agreed payment date. If the debt is not paid as agreed, the creditor may use the Acknowledgement of Debt to take further action.
What does the Acknowledgement of Debt say? The template debtor’s acknowledgement of debt sets out: The Debtor’s details; The amount of the debt; The repayment details; Default and costs.
What does the Acknowledgement of Debt look like? This Payment Undertaking can be printed onto three pages.
What do you need to do to use this sample Acknowledgement of Debt?
- Read the AOD document to ensure that it suits your requirements. Make changes as required.
- Complete the relevant details, and get the Debtor to sign.
View also: AOD, Payment in instalments
If this transaction is subject to the National Credit Act 34 of 2005 then a specialist’s advice should be sought.
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