Collection Demand Letter
This is a demand for payment due of a default promissory note. The form provided here is simply a sample of what the actual form looks like.
COLLECTION DEMAND LETTER
This is to advise you that you are in default under the terms of the promissory note
dated __________(6)__________, for failure to make the payments due thereunder
The total amount due for those payments is
$____________(8)_____________. It is imperative that full payment be received on or before ten (10) days form the date of this letter, or the term for payment of your indebtedness will be accelerated and the entire principal balance and any unpaid interest will become immediately due and payable and proper legal action will be taken to enforce payment thereof.
As you are aware, the terms of the promissory note provide that interest accrues, form the date of default, at the highest rate allowable by law, and you are liable, upon default, for all costs and reasonable attorney's fees incurred in collection. Govern yourself accordingly.