Collection Letter Following Promissory Note

Once an individual has given a letter promising to render their due payments during a certain date, it is smart for the lending firm or bank to have the initiative in reminding the borrower regarding their promise of payment and to expect for the collection of the debt to come soon. If you need help with curating the letter, then let us help you using this Collection Letter Following Promissory Note. It is well-written and a breeze to edit and customize to fit different specifics. Just use the compatible file formats available to make it fit your specifics, and you are ready to print or share through e-mail. Don’t wait for tomorrow when you can avail today!

Collection Letter Following Promissory Note

[DATE] 

Dear [RECIPIENT NAME],

I make an urgent referral to the promissory note you made and signed last [DATE]. This is in connection to your financial obligation owing to and made payable to the order of [NAME], in the original amount of USD[NUMBER].

You have been neglectful in the payment of the due installments. These overdue obligations have already accrued interest in conformity with the terms of the promissory note you executed. Please contact me at the address [ADDRESS] to acquire an updated statement and to set up a payment schedule for this obligation. You are herewith under default with regard to said note as you have failed to pay the promissory note when collectible.

As a consequence of your unwarranted negligence in the payment of your debt at the proper time, I am making a demand for the payment in full within a period of [NUMBER] days. This includes the accumulated interests and the attorney’s fees that I have incurred in the process of collecting this sum of money.

Please also make reference to the loan instruments you executed which provide that the late payment of the installments due on the note will result in the maturation of the total and the unpaid principal balance of the promissory note at the option of the person in possession of the note. As a consequence of this, you are now given notice that if you negligently fail to pay the above-mentioned amount within the given period, the maturity of the amount pertaining to the balance of the principal shall, without any notice, be accelerated and the total unpaid balance plus all accumulated and attained interest shall become instantly due, demandable, and collectible, without notice, demand, or other activity.

If the sum of money owed is not compensated by the date mentioned, I shall have to take legal action. All expenses of the proceedings shall be borne by you.

Regards,

[YOUR SIGNATURE] 

[YOUR NAME]