Affidavit Of Indebtedness

Affidavit Of Indebtedness Template for Canada

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Key Requirements PROMPT example:

"I need an Affidavit of Indebtedness for a defaulted business loan of $250,000 that was assigned to our collection agency in March 2025, including details of partial payments made and the current balance with compound interest calculations."

Document background

The Affidavit of Indebtedness is a crucial document in Canadian debt collection and legal proceedings, serving as a formal declaration under oath regarding the details of a debt obligation. This document is typically required when a creditor needs to prove the existence and amount of a debt in legal proceedings, particularly in cases involving default judgments or debt collection actions. The affidavit must include specific details about the debt, such as the original amount, payment history, current balance, and interest calculations. It must be executed in compliance with both federal and provincial requirements for sworn statements, making it admissible as evidence in court. The document is particularly important in situations where the creditor needs to establish the validity and amount of the debt without extensive court proceedings.

Suggested Sections

1. Introduction and Personal Information: Identifies the affiant, their role, and their authority to make the statement

2. Basis of Knowledge: Explains how the affiant has access to and knowledge of the information being sworn to

3. Debtor Information: Details of the debtor including full legal name, last known address, and any relevant identification numbers

4. Original Debt Details: Information about the original debt, including creditor, date incurred, account numbers, and original amount

5. Payment History: Chronicle of payments made, dates, and amounts

6. Current Amount Owing: Calculation of the current balance, including principal, interest, fees, and other charges

7. Interest Calculation: Explanation of how interest has been calculated and applied

8. Statement of Truth: Formal declaration that the information provided is true and accurate to the best of the affiant's knowledge

9. Signature Block: Space for affiant's signature, commissioner's signature, and date of swearing/affirming

Optional Sections

1. Assignment History: Required when the debt has been sold or transferred from the original creditor

2. Default Information: Include when specific details about when and how the default occurred are relevant

3. Communication History: Add when there's a relevant history of attempts to collect the debt or communications with the debtor

4. Security Details: Include when the debt is secured by any assets or collateral

5. Acceleration Clause Details: Required when the full balance has been accelerated due to default

6. Related Proceedings: Include when there are other relevant legal proceedings or bankruptcy matters

Suggested Schedules

1. Account Statements: Copies of relevant account statements showing transaction history

2. Original Agreement: Copy of the original credit agreement or contract creating the debt

3. Assignment Documents: Copies of documents showing chain of title for the debt if it has been assigned

4. Payment Records: Detailed log of all payments received and applied to the account

5. Interest Calculations: Detailed breakdown of interest calculations and charges

6. Correspondence Records: Copies of relevant correspondence with the debtor

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Financial Services

Banking

Credit Services

Debt Collection

Legal Services

Insurance

Healthcare (for medical debt)

Retail (for consumer credit)

Telecommunications

Utilities

Relevant Teams

Legal

Collections

Accounts Receivable

Credit Management

Compliance

Finance

Risk Management

Litigation Support

Documentation

Relevant Roles

Collections Manager

Credit Manager

Legal Counsel

Paralegal

Accounts Receivable Manager

Collections Specialist

Litigation Manager

Debt Recovery Officer

Credit Risk Manager

Compliance Officer

Legal Administrator

Financial Controller

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Let's create your Affidavit Of Indebtedness

Authors

Alex Denne

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