Default Notice
Default Notice
[Recipient's Name]
[Recipient's Address]
[Date]
Dear [Recipient's Name],
This letter serves as an official Default Notice regarding your loan agreement with [Your Company Name], dated [Agreement Date], for the loan amount of [Loan Amount].
As of the date of this letter, it has come to our attention that you have failed to make the required payment(s) as per the terms of the loan agreement. This puts you in default as stated in the agreement.
According to the terms and conditions of our loan agreement, failure to make timely payments constitutes a default and activates the remedies available to the creditor. We kindly request you to clear the default by making the overdue payment(s) in full within [Number of Days] days from the receipt of this notice.
Failure to meet this obligation within the specified timetable may result in further action being taken by the creditor, which could include but is not necessarily limited to pursuing legal measures to collect the outstanding debt.
It is of the utmost importance that you take swift action to resolve this issue to avoid further complications. Please feel free to contact our office at [Your Company Number] if you require any further information or clarification on the payment terms or the outstanding amount.
This notice is issued in accordance with the state of [Recipient's State]'s regulations governing such instances.
We appreciate your urgent attention to this matter.
Sincerely,
[Your Name]
[Your Title]
[Your Email]
