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Acknowledgement of Debt 1 Debtor Payment in Instalments
Acknowledgement of Debt 1 Debtor Payment in Instalments
Original price was: R 838,70.R 587,09Current price is: R 587,09.
Agreement where debtor acknowledges debt and agrees to repay in instalments.
- Provides clear repayment schedule.
- Reduces likelihood of legal action.
- Establishes legal documentation.
ACKNOWLEDGEMENT OF DEBT 1 Debtor, payment in instalments
Summary This Acknowledgement of Debt may be used where a debt is owed by a single person or legal entity. An Acknowledgement of Debt is a form of debtor’s payment undertaking, and is used to acknowledge and confirm that a debt is due, and to specify that the debt is payable in a number of instalments.
Why do I need an AOD? If you or your business has debtors that owe money, an Acknowledgement of Debt may be used to confirm the amount owed and the agreed payment terms. An AOD confirms that a debt is due, and sets out an undertaking by the Debtor to pay the debt off in regular instalments at agreed intervals. If the debt is not paid as agreed, the creditor may use the Acknowledgement of Debt to take further action.
See also: AOD, single instalment
What does the AOD say? An Debtor’s acknowledgement of indebtedness sets out: The Debtor’s details; The amount of the debt; The repayment details; Default and costs.
What does the document look like? The template payment undertaking can be printed onto three pages.
What do you need to do to use a template Acknowledgement of Debt?
- Read the template AOD document to ensure that it suits your requirements. Make changes as required.
- Complete the relevant details, and get the Debtor to sign.
If this transaction is subject to the National Credit Act 34 of 2005 then a specialist’s advice should be sought.
More than one debtor? View our AOD for multiple debtors, single instalment or payment in instalments
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