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Acknowledgement of Debt – 2 or more debtors, single instalment
Acknowledgement of Debt – 2 or more debtors, single instalment
Original price was: R 838,70.R 587,09Current price is: R 587,09.
Agreement where multiple debtors acknowledge debt and agree to repay in a single payment.
- Allows for lump sum payment.
- Distributes responsibility among debtors.
- Establishes legal documentation.
AOD PAYMENT UNDERTAKING
2 or more Debtors, single payment in settlement
Summary This Acknowledgement of Debt can be used where a debt is owed by two or more persons or legal entities, who are jointly liable for the same debt to the creditor. An Acknowledgement of Debt is a form of payment undertaking, used to acknowledge and confirm that a debt is due, and to specify the payment date.
See also: AOD, payment in instalments.
Why do I need an Acknowledgement of Debt? If you have debtors that owe money, an AOD payment undertaking can be used to specify the amount owed and the agreed payment terms. This Acknowledgement of Debt confirms that a debt is due, and sets out an undertaking by the Debtors to pay the debt in a single instalment, on an agreed payment date. If the debt is not paid as agreed, the creditor may use the Acknowledgement of Debt to take further action.
What does the Acknowledgement of Debt say? The payment undertaking sets out: The Debtors’ details; The amount of the debt; The repayment details; Default and costs.
What does the document look like? This payment undertaking template can be printed onto three pages.
What do you need to do to use a Debt Acknowledgement document?
- Read the sample payment undertaking to ensure that it suits your requirements. Make changes as required.
- Complete the relevant details, and get the Debtor to sign.
Only one debtor? View our AOD for a single debtor, single payment or payment in instalments.
If this transaction is subject to the National Credit Act 34 of 2005 then a specialist’s advice should be sought.
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Our documents are provided in MS Word format, allowing you to adjust and alter the agreement as you require. If you do not have legal experience we do caution you to be circumspect about the extent of the changes that you make.
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