Make a notice of default on installment promissory note in minutes

If a loan you made isn't paid back, use this notice to encourage your borrower.

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Here's the info you'll need to have handy to complete your doc:

  • 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.

What's a Notice of Default on Installment Promissory Note?

You tried to protect against this happening, did all you could to prevent it, but still: your borrower missed one of their payments on the loan you gave them. A notice of default on an installment promissory note encourages your borrower to make their payment, and lets them know you’ll have to take action if they don’t. Often, this is enough to get everything back on track.
 

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Sample notice of default on installment promissory note

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BY REGISTERED MAIL




, , 

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. This letter is to notify you that you have defaulted on the installment payment under the Note due on , in the amount of .


IWe hereby demand payment of this past-due installment. Unless Iwe receive your payment for , which includes additional fees of , by , Iwe will proceed to enforce our rights under the Note for collection of the entire balance.
Sincerely,
________________________________________________________