The Collection Dunning Letter is a crucial document in the debt recovery process under Indian law, typically used when previous payment requests have been unsuccessful. This document serves as a formal demand for payment and often precedes legal action. It must comply with various Indian regulations, including the Recovery of Debts Due to Banks and Financial Institutions Act, SARFAESI Act, and RBI guidelines on fair practices. The letter should include specific details about the debt, payment history, current amount due, payment deadline, and consequences of non-payment. It's essential that the Collection Dunning Letter maintains a professional tone while clearly communicating the urgency of the situation and the creditor's intention to pursue further action if necessary.
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1. Sender Details: Complete contact information of the creditor/collection agency including registration/license numbers if applicable
2. Date and Reference Number: Current date and unique reference number for the collection matter
3. Recipient Details: Full name and address of the debtor, including any account/reference numbers
4. Subject Line: Clear indication that this is a collection notice/demand for payment
5. Debt Information: Specific details about the original debt, current amount, and payment history
6. Payment Demand: Clear statement of the amount due and payment deadline
7. Payment Instructions: Detailed information on how and where to make the payment
8. Legal Disclosures: Required legal notices and statements as per Indian law
9. Consequences of Non-Payment: Clear explanation of actions that may be taken if payment is not received
10. Contact Information: How the debtor can contact you to discuss the matter
1. Previous Communication Reference: Reference to prior collection attempts, used when this is not the first notice
2. Dispute Rights: Information about the right to dispute the debt, included if required by applicable regulations
3. Settlement Offer: Optional reduced payment or settlement terms, included when authorized to make such offers
4. Payment Plan Options: Alternative payment arrangements, included when the creditor is willing to accept installment payments
5. Third-Party Authorization: Information about the collection agency's authority, included when the letter is from a third-party collector
1. Schedule A - Debt Calculation: Detailed breakdown of the principal amount, interest, fees, and other charges
2. Schedule B - Payment History: Summary of previous payments made and their application to the debt
3. Schedule C - Original Agreement Reference: Details of the original credit agreement or contract leading to the debt
4. Appendix 1 - Required Legal Notices: Full text of mandatory legal notices and disclaimers as required by Indian law
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