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Collect the full amount of loan money that is due to you.

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What's a demand for full payment (on an installment promissory note)?

Every lender hopes that the repayment of their loan money will come on time. But sometimes, it doesn’t happen. As the lender, you want to make sure you are paid back. Often, all it takes is to send a notice demanding the remainder of the loan amount. This is called a demand for full payment. In the case where an installment promissory note had been issued, it’s called a demand for full payment on installment promissory note.

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  • Who it's going to

    Know who this doc is going to and have the individual or business name and contact info ready.

  • Date

    Have the date the original promissory note was issued handy.

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Sample demand for full payment (on an installment promissory note)

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BY REGISTERED MAIL

RE:  Demand for Full Payment of Installment Promissory Note

Dear :

This letter relates to the promissory note dated , of which you are the maker, in the original principal amount of $ (the "Note"). I amMy company is the current holder of the Note.

On ,  I   we notified you that you had defaulted in your payments under the Note. IWe have not yet received payment of the outstanding amount, which is now significantly in arrears. In accordance with the Note, Iwe now exercise myour right to declare the full unpaid balance of the Note (together with all accrued interest) immediately due. Unless we receive your payment of $, which includes administrative costs of $, by , Iwe will notify myour attorneys to begin legal proceedings to collect this amount. You will be responsible for all collection costs, including attorneys' fees, court costs, and interest.

IWe strongly urge you to make this payment and avoid expensive and time-consuming collection efforts and litigation. If you have any questions about your account, please contact at .

Sincerely,

__________________________