Debt Acknowledgement Letter Sample

Written on January 23, 2012 – 9:20 pm | by Alicia Ross

This document basically outlines what you owe, to whom and why and how this debt will be settled. You will most likely be familiar with some of the contents from several forms you may have filled out for a personal or home loan or whatever type of credit.

This agreement is a sample template and is of a universal temperament. Particular add-ons and modifications may be necessitated to match your exact requirements.

To use your company stationery, delete the header.

ACKNOWLEDGEMENT OF DEBT

I, the undersigned, (Name)

hereby recognize that I am jointly and severally accountable to (Company Name)

(hereinafter denoted as “the Creditor”) in the total of _________________ (hereinafter denoted as “the Amount”) and I jointly and severally assume to pay to the order of the Creditor the Amount coupled with interest at the rate of ______ % per annum from the _________________ day of _______________ year _____________ to the _________________ day of _______________ year ______________ dependent on the subsequent terms and conditions :

The full Amount alongside the interest as cited shall be due and payable to the Creditor on the ________ day of ____________________ year ___________ at _________________________________________ devoid of bank charges and commission.

In the event of default, I shall be responsible jointly and severally for all legal costs incurred during the collection of the unsettled balance on the extent as between attorney and personal client with commission on the Amount, interest and costs, plus interest at the rate of ___________ % per annum. Interest shall be computed and capitalized on the same day of every month, in arrears, on the outstanding balance until the Amount due has been compensated.

I hereby desire as my domicilium et executandi for every purpose hereof, the following address :

Name

Address

The Creditor will be at liberty to raise the interest rate periodically to the utmost rate certified by law.

I hereby allow to the jurisdiction of the Magistrate’s Court having authority over me with reference to all legal actions taking place here from.

The Creditor may yield or guarantee its rights herein exclusive of my approval.

It is decided that I may disburse any fraction of the Amount plus interest prior to the due date not derogating from any privilege I may have in terms hereof.

The Amount plus interest will become due and payable immediately on a provisional order of insolvency on myself.

SIGNED at ________________________________ on this ________ day of ____________ year _______.

AS WITNESSES :

1. (EMPLOYEE SIGNATURE)

SIGNED at ________________________________ on this ________ day of ____________ year _______.

AS WITNESSES :

1. (CREDITOR SIGNATURE)

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