A Promissory Note Demand Letter is a critical document used when a borrower has failed to meet their payment obligations under a promissory note in the Philippines. This document serves as a formal demand for payment and is typically sent before initiating legal proceedings. It should reference the original promissory note, specify the outstanding amount including any accrued interest, and provide a clear deadline for payment. The letter must comply with Philippine legal requirements, particularly those outlined in the Civil Code of the Philippines and banking regulations. It's essential to maintain a professional and firm tone while clearly stating the consequences of non-payment. This document is particularly important as it creates a paper trail of the creditor's attempts to collect the debt and can be used as evidence in subsequent legal proceedings if necessary.
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1. Sender's Information: Full name and address of the creditor or authorized representative
2. Date: Current date of the demand letter
3. Recipient's Information: Full name and address of the debtor
4. Subject Line: Clear indication that this is a demand letter regarding a promissory note
5. Reference to Original Promissory Note: Details of the original promissory note including date, parties involved, and original amount
6. Current Amount Due: Clear statement of the total amount due, including principal and any accrued interest
7. Payment Demand: Explicit demand for payment, including payment deadline and acceptable payment methods
8. Legal Consequences: Statement regarding potential legal action if payment is not received
9. Closing: Professional closing statement with contact information for response
1. Payment History: Include when there have been partial payments or previous payment attempts
2. Interest Calculation: Include when there is significant accrued interest that needs detailed explanation
3. Previous Communications: Reference when there have been prior demands or relevant communications
4. Settlement Options: Include when the creditor is willing to discuss payment arrangements or settlements
5. Third Party Authorization: Include when the letter is being sent by a legal representative or collection agency
1. Original Promissory Note: Copy of the original signed promissory note
2. Payment Record: Detailed record of any payments made and remaining balance
3. Interest Calculation Sheet: Detailed breakdown of interest calculations if applicable
4. Prior Correspondence: Copies of relevant prior demand letters or communications
5. Authorization Documents: If sent by a representative, documentation proving authority to act on creditor's behalf
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Legal Services
Debt Collection
Real Estate
Commercial Lending
Consumer Finance
Small Business Services
Corporate Services
Professional Services
Retail Banking
Relevant Teams
Legal
Finance
Collections
Credit Control
Accounts Receivable
Risk Management
Treasury
Compliance
Corporate Secretariat
Operations
Relevant Roles
Credit Manager
Collections Officer
Legal Counsel
Finance Manager
Accounts Receivable Specialist
Corporate Secretary
Compliance Officer
Chief Financial Officer
Risk Manager
Treasury Manager
Debt Collection Specialist
Banking Officer
Loan Officer
Financial Controller
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