Document background
The Demand Notice For Loan Repayment is a crucial document in Irish lending practice, typically issued when a borrower has defaulted on their loan obligations. It serves as a formal step in the debt recovery process and must comply with Irish financial services legislation, including the Consumer Credit Act 1995 and Central Bank regulations. This notice is used when informal attempts to secure payment have been unsuccessful and the lender needs to escalate the matter. The document must include specific details about the loan, the default, and the amount owed, while adhering to strict regulatory requirements regarding tone, content, and timing. It's particularly important that the notice complies with Irish consumer protection laws and, where applicable, the Code of Conduct on Mortgage Arrears.
