The Notice of Final Demand is a crucial document in Nigerian debt recovery proceedings, serving as the ultimate formal notice before legal action commences. This document is typically used when previous attempts to collect a debt have failed and the creditor is prepared to escalate the matter to legal proceedings. It must comply with Nigerian contract law and civil procedure requirements, including proper identification of parties, clear statement of the debt amount, and specific payment terms. The notice should detail the original debt, any accrued interest or penalties, and provide a reasonable deadline for payment (usually 7-14 days). It's essential to include all relevant reference numbers, payment history, and clear consequences of non-payment. The document serves both as a final opportunity for the debtor to settle the matter and as evidence in potential court proceedings that reasonable attempts were made to recover the debt before legal action.
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1. Sender Details: Full legal name, address, and contact information of the creditor or their authorized representative
2. Recipient Details: Full legal name and address of the debtor, including any relevant reference numbers
3. Date: Current date of the notice
4. Subject Line: Clear indication that this is a Final Demand Notice with reference to the specific debt
5. Debt Details: Precise statement of the original debt amount, date incurred, and purpose
6. Current Amount Due: Total amount currently owed, including any interest and penalties
7. Payment History: Summary of previous payment attempts and communications
8. Payment Deadline: Clear statement of the final deadline for payment (typically 7-14 days)
9. Payment Instructions: Detailed information on how payment should be made
10. Legal Consequences: Clear statement of legal actions that will be taken if payment is not received by the deadline
1. Interest Calculation: Detailed breakdown of how interest has been calculated - include when interest charges are significant
2. Previous Correspondence: References to previous demands and communications - include when there's a significant history of attempted collections
3. Settlement Offer: Terms for potential settlement if the creditor is willing to accept a reduced amount - include when authorized to make such offers
4. Security Details: Information about any collateral or security held - include when the debt is secured
5. Third Party Authorization: Details of debt collection agency or legal representative authorization - include when notice is sent by a third party
1. Statement of Account: Detailed breakdown of the debt, including principal, interest, and any penalties
2. Payment History Schedule: Chronological list of all payments made and missed payments
3. Interest Calculation Schedule: Detailed calculation of interest charges if applicable
4. Copy of Original Agreement: Copy of the original contract or agreement that gave rise to the debt
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Banking & Financial Services
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Retail
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Manufacturing
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Healthcare
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Trading & Commerce
Insurance
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Relevant Teams
Legal
Finance
Credit Control
Accounts Receivable
Risk Management
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Commercial Operations
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Relevant Roles
Credit Manager
Collections Officer
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Accounts Receivable Manager
Finance Director
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Debt Recovery Specialist
Financial Controller
Credit Control Officer
Company Secretary
Risk Manager
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Account Manager
Commercial Director
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