DEMAND FOR PAYMENT OF OUTSTANDING DEBT
SENT VIA: ________ (e.g., U.S. Certified Mail, Return Receipt Requested, and Electronic Mail)
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Telephone: ________
Date: ________
TO:
________
________
________
RE: Formal Demand for Repayment of Loan in the Amount of $________
Dear ________:
This letter constitutes a formal written demand for payment of a past-due debt that you currently owe to me (the “Creditor”) in the total outstanding amount of $________ (________ dollars) as of the date of this letter (the “Outstanding Balance”).
§ 1. Background of the Debt. On ________, I advanced to you a loan in the principal amount of $________ (the “Loan”). The Loan was made for the following purpose:
________
The Loan was evidenced by, and is subject to the terms of, the following instrument or agreement: ________ dated ________.
§ 2. Interest and Accrued Amounts. Pursuant to the terms of the Loan, interest has accrued at the rate of ________% per annum. As a result, the total amount presently due and owing, comprising unpaid principal of $________ together with accrued interest of $________, is $________. Interest shall continue to accrue until the Outstanding Balance is paid in full.
§ 3. Default. The Loan was due to be repaid in full on or before ________. As of the date of this letter, the Outstanding Balance remains unpaid, and you are accordingly in default of your repayment obligations.
§ 4. Demand for Payment. I hereby demand that you remit the full Outstanding Balance of $________, plus any additional interest that may accrue, within five (5) calendar days of the date of this letter (the “Cure Period”). Payment should be made by ________ and delivered to the address set forth above or to the following payment location: ________.
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§ 6. Reservation of Rights. Nothing contained in this letter shall be construed as a waiver of any of my rights or remedies, all of which are expressly reserved. No delay or omission in exercising any right shall operate as a waiver thereof.
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§ 8. Further Communication. If you wish to discuss this matter or arrange a payment plan, please provide a prompt written reply or contact me by telephone at ________. I would appreciate your prompt and immediate attention to this matter.
Sincerely,
_______________________________
________