The Affidavit of Indebtedness is a crucial legal instrument in the Philippine legal system, used to formally acknowledge and document debt obligations. This document is particularly valuable when there is a need to establish clear evidence of debt for legal or collection purposes. It combines the formality of a sworn statement with specific debt details, making it a powerful tool in debt enforcement. The document must comply with Philippine notarial laws and civil code requirements, including proper execution before a notary public. Typically used in situations where loans need to be formalized, debts restructured, or when creating an official record of existing financial obligations, an Affidavit of Indebtedness can be utilized by both individuals and businesses. The document's sworn nature adds a layer of seriousness and legal consequence, as false statements can result in perjury charges under Philippine law.
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1. Title and Venue: States 'AFFIDAVIT OF INDEBTEDNESS' and the jurisdiction where the affidavit is being executed
2. Affiant Information: Complete identification of the person making the sworn statement, including full name, age, civil status, citizenship, and address
3. Oath Declaration: Standard declaration that the affiant is making the statement under oath
4. Creditor Information: Complete details of the creditor, including full name, address, and any relevant identification
5. Debt Acknowledgment: Clear statement acknowledging the existence and validity of the debt
6. Debt Details: Specific amount of debt, date incurred, and purpose or nature of the debt
7. Payment Terms: Agreed terms for repayment, including payment schedule and method
8. Attestation of Truth: Declaration that all statements in the affidavit are true and correct
9. Affiant's Signature: Space for affiant's signature and date of execution
10. Jurat: Notarial section where the document is sworn to before a notary public
1. Collateral Description: Used when the debt is secured by specific assets or property
2. Co-Maker Information: Include when there is a co-maker or guarantor for the debt
3. Interest Rate Declaration: When specific interest rates are agreed upon and need to be documented
4. Default Provisions: Used to specify consequences of payment default
5. Witness Section: When additional witnesses are required to attest to the debt
6. Previous Payments: When acknowledging partial payments already made on the debt
1. Schedule A - Payment History: Detailed list of any previous payments made, including dates and amounts
2. Schedule B - Amortization Schedule: Detailed breakdown of future payment installments if applicable
3. Schedule C - Collateral Details: Comprehensive description of any collateral securing the debt
4. Appendix 1 - Supporting Documents: List of attached supporting documents such as promissory notes or loan agreements
5. Appendix 2 - Proof of Debt: Copies of relevant receipts, checks, or transfer documents evidencing the debt
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Credit and Collections
Risk Management
Compliance
Treasury
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Corporate Secretariat
Debt Recovery
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Credit Manager
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Debt Recovery Specialist
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Accounts Receivable Manager
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