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Monetary Demand Letter - Template, Sample Form Pro · PH-law

✓ Valid in Philippines · drafted to comply with local law

Create your Monetary Demand Letter - Template, Sample Form for use in Philippines. Answer a few plain-English questions and the document fills in automatically as you go — then download it in Word and PDF, ready to sign or share. This version has been professionally rewritten to comply with local law.

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Monetary Demand Letter - Template, Sample Form
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________
________
Contact No.: ________
Email: ________

________


FINAL DEMAND FOR PAYMENT


________
________

Re: Demand for Payment of Outstanding Loan Obligation in the amount of ________ (₱________ / ₱________)


Dear ________,


I write in my capacity as creditor to formally and finally demand from you, as debtor, the full and immediate payment of your outstanding loan obligation, particulars of which are set out below.


§ 1. The Loan. On ________, I extended to you a loan in the principal amount of ________ (₱________), pursuant to our agreement and in accordance with the provisions on the contract of mutuum (simple loan) under Articles 1933, 1953 and 1980 of the Civil Code of the Philippines (Republic Act No. 386). The said amount was extended for the following purpose:


________


§ 2. Terms of Repayment. Pursuant to our agreement, and conformably with Articles 1956 and 2209 of the Civil Code, you expressly undertook to repay the entire principal amount, together with interest at the rate of ________ per cent (%) per ________, on or before ________ (the "Maturity Date").


§ 3. Outstanding Balance. Notwithstanding the lapse of the Maturity Date, I have received from you only a partial payment in the amount of ________ (₱________), applied in accordance with Articles 1252 to 1254 of the Civil Code. Since the last payment, interest has continued to accrue, such that the total outstanding amount now due and demandable, inclusive of accrued interest as of the date of this letter, is ________ (₱________).


§ 4. Demand and Default. In view of the foregoing, I hereby formally and finally demand that you settle the entire outstanding balance of ________ (₱________) within ________ days from your receipt of this letter. Please take notice that this letter constitutes the judicial and extrajudicial demand contemplated under Article 1169 of the Civil Code, by which you shall be deemed in legal delay (mora) and from which legal interest shall continue to run on the amount due in accordance with prevailing jurisprudence.


§ 5. Mode of Payment. Payment may be effected by ________, payable to the undersigned at the address first above written.


Should you wish to discuss this matter or to arrange an amicable settlement, kindly communicate with the undersigned promptly at the address and contact details indicated above.


I trust that you will give this matter your immediate and preferential attention to avoid the inconvenience and expense of litigation.


Very truly yours,



________
Creditor

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