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Acknowledgement of Debt Template - Two or more debtors, single repayment - South Africa
R 472.60
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Acknowledgement of Debt Template - Two or more debtors, single repayment - South Africa
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.
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.
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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