Collection Letter
DEMAND ON PROMISSORY NOTE
(your
name)
(street
address)
(city,
state, zip)
Date__________________
To:
______________________________
______________________________
______________________________
Attention:
_____________________
This
is to advise you that you are in default under the terms of the promissory note
dated _________________, for failure to
make the payments due thereunder of _________________.
The
total amount due for those payments is $___________. It is important that full payment be received
on or before ten (10) days from the date of this letter, or the term for
payment of your indebtedness will be accelerated and the entire principal balance
and any unpaid interest will become immediately due and payable.
As
you are aware, the terms of the promissory note provide that interest accrues, from
the date of default, at the highest rate allowable by law, and you are liable,
upon default, for all costs and reasonable attorney's fees incurred in the
collection of this debt.
If
necessary, legal action will be taken to enforce payment of this promissory note. Please make the above payments to avoid any
further collection action.
Sincerely,
(name)
(title)
(phone)
