The Debt Recovery Notice is a critical document in New Zealand's debt collection framework, designed to formally initiate the debt recovery process while ensuring compliance with relevant legislation, including the Credit Contracts and Consumer Finance Act 2003 and Fair Trading Act 1986. This notice should be used when informal attempts to collect a debt have been unsuccessful and the creditor wishes to escalate the matter through formal channels. The document typically includes detailed information about the debt, payment requirements, and consequences of non-payment, while maintaining compliance with consumer protection laws and fair trading practices. It serves as both a formal demand for payment and a potential piece of evidence should legal proceedings become necessary. The Debt Recovery Notice must be carefully drafted to ensure it meets all legal requirements while clearly communicating the creditor's demands to the debtor.
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1. Creditor Details: Full legal name, business number (if applicable), and contact details of the creditor
2. Debtor Details: Full legal name, address, and any reference numbers of the debtor
3. Debt Information: Clear statement of the total amount owed, including original debt amount and any additional charges
4. Payment Demand: Specific demand for payment, including deadline and consequence of non-payment
5. Legal Basis: Reference to the contract or basis under which the debt arose
6. Payment Instructions: Clear instructions on how and where to make the payment
7. Response Requirements: Instructions on how the debtor should respond to the notice
1. Security Details: Include when the debt is secured against specific assets or property
2. Previous Communications: Reference to prior attempts to collect the debt or previous correspondence
3. Payment Plan Options: Include when willing to accept payment arrangements or installments
4. Dispute Resolution Process: Include when specific dispute resolution procedures are available
5. Interest Calculations: Include when claiming ongoing interest on the debt
6. Legal Proceedings Warning: Include when immediate legal action is contemplated
1. Schedule A - Debt Breakdown: Detailed itemization of the debt, including principal, interest, fees, and charges
2. Schedule B - Payment History: Record of all payments made and credited to the account
3. Schedule C - Supporting Documents: Copies of relevant invoices, contracts, or other documents establishing the debt
4. Schedule D - Interest Calculation: Detailed calculation of interest charges if applicable
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