A Request Letter For Settlement is a crucial document in Nigerian debt recovery practice, used when a creditor seeks to resolve outstanding financial obligations through formal written communication. This document type is particularly relevant when parties wish to avoid litigation or seek an amicable resolution to financial disputes. The letter should be drafted in compliance with Nigerian debt recovery laws and pre-action protocols, incorporating all necessary details about the debt, including its origin, current amount, and proposed settlement terms. It serves as an important step in the debt recovery process, potentially preventing costly legal proceedings while maintaining professional relationships. The document is commonly used by financial institutions, businesses, and individuals across Nigeria, and must consider local regulatory requirements, including those set by the Central Bank of Nigeria and relevant financial authorities.
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1. Sender's Details: Full name, address, and contact information of the sender
2. Date: Current date of the letter
3. Recipient's Details: Full name, title, company (if applicable), and address of the recipient
4. Subject Line: Clear reference to the purpose: 'Request for Settlement of [Reference Number/Account Number]'
5. Reference to Debt: Clear identification of the debt or dispute, including account numbers, dates, and original amount
6. Statement of Current Position: Current outstanding amount including any interest or charges
7. Settlement Request: Specific settlement proposal including amount and payment terms
8. Response Timeline: Deadline for response to the settlement request
9. Closing: Professional closing statement, signature block, and contact information for follow-up
1. Payment History: Include when there have been previous partial payments or settlement attempts
2. Legal Proceedings Reference: Include when legal proceedings have been commenced or are contemplated
3. Without Prejudice: Include this marking when the letter contains settlement negotiations that shouldn't be used in court
4. Previous Correspondence: Reference to prior communication when there has been ongoing dialogue
5. Settlement Justification: Explanation of why the proposed settlement amount is appropriate, if offering less than full amount
1. Statement of Account: Detailed breakdown of the debt, including principal, interest, and any charges
2. Payment History Schedule: Chronological list of all payments made and credited to the account
3. Interest Calculation: Detailed calculation of interest applied to the debt
4. Supporting Documents: Copies of relevant contracts, invoices, or other documents establishing the debt
5. Proposed Payment Schedule: If installment payments are proposed, detailed schedule of payment dates and amounts
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Banking
Insurance
Real Estate
Commercial Trading
Manufacturing
Retail
Professional Services
Construction
Telecommunications
Healthcare
Education
Energy
Transportation and Logistics
Relevant Teams
Legal
Finance
Credit Control
Collections
Accounts Receivable
Risk Management
Operations
Compliance
Corporate Secretariat
Treasury
Debt Recovery
Relevant Roles
Credit Manager
Collections Officer
Legal Counsel
Finance Manager
Accounts Receivable Manager
Debt Recovery Specialist
Risk Manager
Corporate Lawyer
Financial Controller
Business Development Manager
Company Secretary
Chief Financial Officer
Operations Manager
Credit Control Supervisor
Compliance Officer
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