The Demand Notice For Loan Repayment is a crucial document in Irish lending practice, typically issued when a borrower has defaulted on their loan obligations. It serves as a formal step in the debt recovery process and must comply with Irish financial services legislation, including the Consumer Credit Act 1995 and Central Bank regulations. This notice is used when informal attempts to secure payment have been unsuccessful and the lender needs to escalate the matter. The document must include specific details about the loan, the default, and the amount owed, while adhering to strict regulatory requirements regarding tone, content, and timing. It's particularly important that the notice complies with Irish consumer protection laws and, where applicable, the Code of Conduct on Mortgage Arrears.
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1. Sender Details: Full legal name and address of the creditor/lending institution
2. Date: Date of the demand notice
3. Recipient Details: Full name and address of the debtor
4. Loan Reference: Clear identification of the loan agreement including reference numbers and date of original agreement
5. Default Statement: Clear statement of the default/breach that has occurred
6. Outstanding Amount: Detailed breakdown of the total amount due, including principal, interest, and any penalties or fees
7. Demand for Payment: Clear demand for immediate payment of the outstanding amount
8. Payment Details: Information on how and where to make the payment
9. Response Timeline: Specific deadline for response or payment (typically 7-21 days)
10. Legal Consequences: Statement of potential legal actions if payment is not received
1. Previous Communications Reference: Include when there have been prior communications about the default
2. Regulatory Statements: Required when dealing with regulated consumer credit agreements or mortgages
3. Alternative Payment Options: Include when the institution is willing to consider payment arrangements
4. MARP Notice: Required for mortgage loans when the Mortgage Arrears Resolution Process applies
5. Data Protection Notice: Include when sharing data with third parties or credit reference agencies
6. Complaint Rights: Include for regulated consumer loans to inform of right to complain to Financial Services Ombudsman
1. Statement of Account: Detailed statement showing all transactions, interest charges, and current balance
2. Copy of Loan Agreement: Copy of the original loan agreement or facility letter
3. Payment History: Record of payments made and missed payments
4. Interest Calculation: Detailed breakdown of how interest and charges have been calculated
5. Direct Debit Mandate: New direct debit form if applicable for payment arrangements
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