It should follow a First debt recovery letter. For more information, read Repayment agreements.Ī Second Debt Recovery Letter is the second letter you should send as part of the debt recovery process. Use a Letter accepting payments in instalments to accept a debtor’s repayment plan and consider formalising your agreement with a Promissory note. Repayment agreements will only be relevant in specific circumstances (eg when the debtor is able to pay the debt). Repayment agreements set out how, and over what time period, a debtor wishes to repay the money they owe you. Ask a lawyer for assistance.Ĭonsider entering into a repayment agreementīy entering into a repayment agreement with a debtor, you help avoid the hassle and expense of legal action. However, if you do this, you may want a lawyer to review or change the Second Debt Recovery Letter for you, to make sure it complies with all relevant laws and meets your specific needs. If you want your Second Debt Recovery Letter to include further or more detailed provisions, you can edit your document. The Second Debt Recovery Letter includes mathematical calculations to work out the amount of interest due and the total money owed by the debtor. The option for the debtor to request an alternative payment arrangement If relevant, the amount of interest due on the debt and how much the debtor has to pay in total When payment was due and how many days the payment is now overdue by The invoice(s) the Second Debt Recovery relates to The body of the Second Debt Recovery sets out details relating to the debt owed by the debtor. The start of the Second Debt Recovery provides details of the creditor and debtor, including their names and addresses. As a result, this Letter Second Debt Recovery covers: If so, what is their telephone number for arranging alternative payment?Ī Second Debt Recovery Letter is the second payment reminder you send to a debtor when they owe you money. If the debtor is a business, was statutory interest claimed in the first letter? How many days have passed since the first letter was sent?ĭoes the creditor offer the option of making an alternative payment arrangement? If not, at what rate does the creditor reserve the right to claim statutory interest? If so, what is the annual statutory interest rate? If the debtor is a business, will statutory interest be claimed on the debt? If the debtor isn’t a company, partnership or LLP, are they a consumer (ie a private individual) or a business? If not, what is the statutory interest rate? What is the annual contractual interest rate? Was contractual interest claimed in the first letter? How many days have passed since the first letter was sent? Will contractual interest be claimed on the debt? Is there a contract in place with the debtor? How many days did the creditor have to pay the invoice and when was it due? What is the invoice number for the invoice which hasn’t been paid (in full)? To whom is the Second Debt Recovery Letter addressed? When will the Second Debt Recovery Letter be sent? Will the Second Debt Recovery Letter be printed on business paper that includes the creditor's business name and address? If the creditor is a company, partnership or LLP, who is signing on its behalf? The creditor’s (ie your) details (eg legal structure, name and address). The debtor’s details (eg legal structure, name and address). To make your Second Debt Recovery Letter, you will need the following information: When you have all of the details prepared in advance, making your document is a quick and easy process. Just answer a few questions and Rocket Lawyer will build your document for you. Making a Second Debt Recovery Letter online is simple.
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