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Debt Clearance Letter

Debt Clearance Letter Template for Ireland

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Debt Clearance Letter

"I need a Debt Clearance Letter for a commercial loan that was settled through a one-time payment of €75,000, representing 80% of the original debt amount, with the settlement to be completed by March 15, 2025; the letter needs to include specific credit reporting instructions."

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Document background
The Debt Clearance Letter is a crucial document in Irish financial and legal practice, used when a debt has been fully satisfied either through complete payment or an agreed settlement. This document serves as official confirmation that the creditor acknowledges full satisfaction of the debt and releases the debtor from any further obligations. It must comply with Irish legislation, including the Consumer Credit Act 1995, the Central Bank (Supervision and Enforcement) Act 2013, and the Consumer Protection Code 2012. The letter includes essential information such as party details, debt reference information, settlement confirmation, and release statements. It's particularly important for maintaining accurate financial records, protecting both creditor and debtor interests, and providing evidence for credit reporting purposes.
Suggested Sections

1. Creditor Details: Full legal name and address of the creditor/lending institution

2. Debtor Details: Full legal name and address of the debtor

3. Debt Reference Information: Original loan/debt agreement details, account numbers, and reference numbers

4. Debt Amount Confirmation: Statement of the original debt amount and final settlement amount

5. Settlement Confirmation: Clear statement confirming the debt has been settled in full

6. Release Statement: Formal declaration that the debtor is released from all obligations related to the debt

7. Date and Signature Block: Space for date, signature of authorized representative, and company stamp if applicable

Optional Sections

1. Payment History Summary: Include when there's been a complex payment history or partial settlements leading to final clearance

2. Third Party Authorization: Required when the letter is requested by or sent to an authorized representative rather than the debtor directly

3. Future Credit Reference Statement: Statement about how the settled debt will be reported to credit reference agencies

4. Returned Securities: Include when there were any securities or guarantees associated with the debt that are being returned

5. Settlement Conditions: Include when the clearance is subject to specific conditions or terms

Suggested Schedules

1. Payment Confirmation: Copy of final payment receipt or bank transfer confirmation

2. Original Debt Agreement: Copy or reference to the original credit agreement or debt documentation

3. Settlement Calculation: Detailed breakdown of how the final settlement figure was calculated, if applicable

4. Authorization Documents: Copies of power of attorney or third-party authorization documents, if applicable

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions


















Clauses
















Relevant Industries

Banking & Financial Services

Consumer Lending

Commercial Lending

Real Estate

Retail

Healthcare

Education

Professional Services

Manufacturing

Construction

Small Business

Relevant Teams

Legal

Finance

Credit Control

Collections

Risk Management

Compliance

Customer Relations

Treasury

Debt Recovery

Account Management

Relevant Roles

Credit Manager

Financial Controller

Debt Recovery Officer

Collections Manager

Legal Counsel

Compliance Officer

Account Manager

Finance Director

Credit Control Supervisor

Risk Manager

Treasury Manager

Debt Settlement Officer

Customer Relations Manager

Industries






Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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