Acknowledgement of Debt – 2 or more debtors, payment in instalments

R 347,00

This Acknowledgement of Debt can be used where a debt is owed by two or more persons or legal entities, who are jointly liable for the same debt to the creditor. An Acknowledgement of Debt can be used to acknowledge and confirm that the debt is due, and to specify that the debt is payable in a number of instalments.

Description

ACKNOWLEDGEMENT OF DEBT

2 or more Debtors, payment in instalments

Summary This Acknowledgement of Debt may be considered for use where a debt is owed by two or more persons or legal entities, who are jointly liable for the same debt to the creditor. An Acknowledgement of Debt can be used to acknowledge and confirm that the debt is due, and to specify that the debt is payable in a number of instalments.

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. An Acknowledgement of Debt confirms that a debt is due, and sets out an undertaking by the Debtors to pay the debt in regular instalments at agreed intervals. 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 Acknowledgement sets out: The Debtors’ details; The amount of the debt; The repayment details; Default and costs.

What does the Acknowledgement of Debt look like? The agreement can be printed onto three pages.

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.

View also: AOD, single payment

Only one debtor? View our AOD for a single debtor, in a single instalment, or multiple payments.

 

Also known as: Payment Undertaking; AOD

If this transaction is subject to the National Credit Act 34 of 2005 then a specialist’s advice should be sought.

 

The Online Agreements Shop cc and its members, staff, legal advisers, partners and consultants, agents and any person associated therewith cannot be held liable for any loss or damage that is incurred or may be incurred by any person as a direct or indirect result of the use of this website or any document or information contained on or obtained from this website, nor as a result of anything that is contained in or left out of any document.

Reviews

There are no reviews yet.

Be the first to review “Acknowledgement of Debt – 2 or more debtors, payment in instalments”

Your email address will not be published. Required fields are marked *

Pin It on Pinterest

Share This