BY REGISTERED MAIL
RE: Demand for Full Payment of Installment Promissory Note
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 .
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 reminding the payment of the loan amount. This is called a demand for full payment. If an installment promissory note has been issued, it’s called a demand for full payment on an installment promissory note.
Collect the full amount of loan money that is due to you.
Here's the information you'll need to have handy to complete your demand for full payment on an installment promissory note:
Who it's going to
: Know who this document is going to and have the individual or business name and contact information ready.
: Have the date the original promissory note was issued handy.