The Demand Letter for Loan Disbursement is a critical document in Canadian lending practices, used when a borrower needs to formally request the release of approved loan funds. This document is typically employed after a loan has been approved and all conditions precedent have been met, but the funds have not been released as agreed. The letter serves multiple purposes: it creates a paper trail of the disbursement request, establishes a formal timeline for the disbursement, and can be used as evidence in potential legal proceedings if the lender fails to disburse the funds as agreed. The document must comply with Canadian federal banking regulations and provincial lending laws, including the Interest Act and relevant provincial consumer protection legislation. It's particularly important in commercial lending, construction loans, or any situation where loan disbursements are scheduled or conditional.
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1. Sender Details: Full legal name, address, and contact information of the creditor or their legal representative
2. Recipient Details: Full legal name and address of the debtor, including any relevant loan or account numbers
3. Date: Current date of the demand letter
4. Loan Reference: Clear identification of the loan agreement, including date of original agreement and any relevant reference numbers
5. Outstanding Amount: Precise statement of the total amount due, including principal, interest, and any other charges
6. Demand Statement: Clear and unequivocal demand for payment, citing legal basis and loan agreement terms
7. Payment Instructions: Specific details on how and where to make the payment, including acceptable payment methods and banking details
8. Payment Deadline: Clear statement of when the payment must be made, typically including both the date and time
9. Legal Consequences: Statement of potential legal actions that may be taken if payment is not received by the deadline
1. Previous Communications Reference: Include when there have been prior attempts to collect the debt or relevant communications about the loan
2. Interest Calculation: Detailed breakdown of how interest has been calculated, particularly useful for loans with variable rates or complex interest structures
3. Payment History: Summary of payments made and missed payments, useful when there is a history of irregular payments
4. Settlement Options: Include if the creditor is willing to accept partial payment or payment arrangements
5. Security Details: Include if the loan is secured by any assets or collateral
6. Third Party Authorization: Include if the letter is being sent by a third party authorized to collect on behalf of the original creditor
1. Schedule A - Interest Calculation Details: Detailed breakdown of interest calculations, including rates applied and periods
2. Schedule B - Payment History: Detailed listing of all payments made and credited to the loan account
3. Schedule C - Copy of Original Loan Agreement: Attached copy of the original loan agreement for reference
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