A Demand Letter For Payment Of Promissory Note is a crucial document in Philippine debt collection practices, typically used when a borrower has defaulted or fallen behind on payments specified in a promissory note. This document is governed by the Philippine Negotiable Instruments Law (Act No. 2031) and must comply with local civil law requirements. It serves as a formal notification and often as a final warning before legal proceedings are initiated. The letter should detail the original loan amount, current balance, interest accrued, payment history, and specify a deadline for payment. It's an essential step in the debt collection process as Philippine courts generally look favorably upon creditors who have made formal demands before initiating legal action. The document can be used in various contexts, from personal loans to business transactions, and must be carefully drafted to ensure enforceability under Philippine law.
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1. Sender's Details: Full name, address, and contact information of the creditor or their legal representative
2. Date: Current date of the demand letter
3. Recipient's Details: Full name and address of the debtor
4. Subject Line: Clear indication that this is a formal demand for payment of promissory note
5. Promissory Note Details: Reference to the specific promissory note including date, principal amount, and key terms
6. Payment History: Summary of payments made and current outstanding balance including interest calculations
7. Formal Demand: Clear statement demanding full payment with specific amount and deadline
8. Legal Consequences: Statement of legal actions that may be taken if payment is not received
9. Payment Instructions: Clear instructions on how and where to make the payment
10. Closing: Professional closing with signature block and creditor's or representative's signature
1. Previous Communications: Reference to prior payment requests or communications - include if there have been previous attempts to collect
2. Acceleration Clause Notice: If the promissory note contains an acceleration clause, include notice of acceleration of the entire debt
3. Settlement Options: Optional payment arrangements or settlement terms - include if willing to negotiate
4. Attorney Fees Notice: Notice regarding responsibility for attorney fees if litigation becomes necessary - include if specified in original note
5. Return Receipt Request: Request for acknowledgment of receipt - include for important cases requiring proof of delivery
1. Copy of Promissory Note: Attached copy of the original signed promissory note
2. Payment History Schedule: Detailed schedule showing all payments made and missed, with dates and amounts
3. Interest Calculation Schedule: Detailed breakdown of interest calculations and accrual
4. Previous Correspondence: Copies of relevant prior demand letters or communications regarding the debt
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Legal Services
Real Estate
Construction
Small Business
Corporate Finance
Lending
Microfinance
Investment
Retail
Manufacturing
Relevant Teams
Legal
Finance
Credit Control
Collections
Accounts Receivable
Risk Management
Treasury
Compliance
Corporate Affairs
Operations
Relevant Roles
Credit Manager
Collections Officer
Legal Counsel
Finance Manager
Accounts Receivable Manager
Risk Manager
Debt Recovery Specialist
Corporate Lawyer
Financial Controller
Treasury Manager
Credit Analyst
Compliance Officer
Legal Administrator
Chief Financial Officer
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