The Letter of Demand for Debt Recovery is a crucial document in Nigerian business and legal practice, serving as a formal prerequisite to legal action for debt recovery. It is typically used when informal attempts to collect payment have failed and the creditor needs to escalate the matter. The document must comply with Nigerian federal and state laws, including the Limitation Law and the Recovery of Debts Act, and should clearly state the amount owed, payment deadline, and consequences of non-payment. This type of letter often represents the final opportunity for amicable resolution before litigation, making it an essential tool in debt recovery procedures. It can be used for various types of debts, from simple commercial transactions to complex financial arrangements, and may be issued directly by the creditor or through legal representatives.
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1. Sender's Details: Full legal name, address, and contact information of the creditor or their legal representative
2. Date: Current date of the demand letter
3. Recipient's Details: Full legal name and address of the debtor
4. Subject Line: Clear indication that this is a formal demand for payment
5. Debt Details: Specific amount owed, origin of debt, date incurred, and any relevant reference numbers
6. Payment History: Summary of any previous payments made and current outstanding balance
7. Legal Basis: Reference to the contract or basis for the debt
8. Demand Statement: Clear statement of demand for payment, including the total amount and deadline
9. Payment Instructions: Specific details on how and where to make the payment
10. Legal Consequences: Statement of intended legal action if payment is not received by the deadline
11. Closing: Formal closing, signature block, and creditor's or representative's signature
1. Interest Calculation: Details of interest charges and calculations when applicable to the debt
2. Previous Correspondence: Reference to prior attempts to collect the debt when multiple attempts have been made
3. Settlement Options: Proposed payment plans or settlement options if the creditor is willing to negotiate
4. Third Party Authorization: When the letter is sent by a debt collector or legal representative, authorization details from the original creditor
5. Without Prejudice Clause: Used when offering settlement negotiations to protect the creditor's legal position
6. Dispute Resolution: Optional section outlining the process for disputing the debt if there's a likelihood of disagreement
1. Statement of Account: Detailed breakdown of the debt, including principal amount, interest, and any penalties
2. Copy of Original Agreement: Copy of the contract or agreement that gave rise to the debt
3. Payment History Schedule: Detailed record of all payments made and missed payments
4. Interest Calculation Schedule: Detailed breakdown of how interest has been calculated and applied
5. Previous Correspondence Log: Copies of previous payment requests and related correspondence
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