Acknowledgment of Debt Letter
Dear [CREDITOR'S NAME],
I, [DEBTOR'S FULL NAME], residing at [DEBTOR'S ADDRESS], hereby acknowledge and confirm on this day, [DATE], that I am indebted to [CREDITOR'S FULL NAME] of [CREDITOR'S ADDRESS]. The total amount of my acknowledged debt is [TOTAL DEBT AMOUNT].
This debt arose from [BRIEF DESCRIPTION OF HOW THE DEBT WAS INCURRED] and was acknowledged by me on [ORIGINAL DATE OF DEBT ACKNOWLEDGMENT]. I confirm that I have received a full account statement and agree with the stated sum as the total amount due.
I commit to repay this amount according to the following payment plan:
Initial payment of [INITIAL PAYMENT AMOUNT] due on [INITIAL PAYMENT DUE DATE],
Followed by monthly payments of [SUBSEQUENT MONTHLY PAYMENT AMOUNT] starting on [SUBSEQUENT PAYMENT START DATE] and continuing until the debt is fully paid.
If I fail to meet these payments as stipulated above, I understand that additional charges or legal action may be taken by [CREDITOR'S NAME] to recover the full debt amount.
This acknowledgment of debt does not waive any rights you may have under existing laws and it confirms that the terms laid out herein can be enforced by law under judicial scrutiny.
Please confirm your agreement to this acknowledgment of debt by signing below and returning a copy to me at the aforementioned address. Your cooperation and understanding are greatly appreciated.
Sincerely,
[DEBTOR'S FULL NAME]
[DEBTOR'S ADDRESS]
[DEBTOR'S PHONE NUMBER]
[DEBTOR'S EMAIL]
Accepted and agreed:
[CREDITOR'S FULL NAME]
[CREDITOR'S ADDRESS]
[CREDITOR'S PHONE NUMBER]
[CREDITOR'S EMAIL]
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