Document background
The Demand Notice For Loan Repayment is a crucial document in Belgian lending practice, typically issued when a borrower has defaulted on loan payments or breached loan agreement terms. It serves as a formal prerequisite to legal action under Belgian law and must comply with strict regulatory requirements, including those set out in the Belgian Civil Code and the Law on Consumer Credit of 1991. The notice is used to formally document the demand for repayment, specify the exact amount owed including any interest or penalties, and provide a clear deadline for payment. It represents a critical step in the debt recovery process, often required before initiating formal legal proceedings, and must include specific information about the original loan agreement, payment history, and consequences of continued non-payment.
