The Affidavit of Indebtedness is a crucial document in Indian debt recovery and legal proceedings, used to formally establish and verify the existence and terms of a debt obligation. This document becomes necessary when there is a need to formally acknowledge a debt, initiate recovery proceedings, or create an official record of the debt obligation. It must comply with the requirements of the Indian Oaths Act, 1969, and other relevant legislation such as the Indian Evidence Act, 1872, and the Indian Stamp Act, 1899. The affidavit includes comprehensive details about the debt, parties involved, payment history, and current status, making it a valuable tool for creditors in establishing their claims and for legal proceedings in debt recovery.
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1. Title and Introduction: Specifies the document as an Affidavit of Indebtedness and identifies the jurisdiction
2. Deponent Details: Full identification and contact details of the person making the affidavit
3. Debtor Information: Complete identification details of the debtor(s)
4. Debt Acknowledgment: Specific details of the debt including amount, origin, date incurred, and current status
5. Payment History: Record of payments made and outstanding balance
6. Interest Calculation: Details of applicable interest rates and total interest accrued
7. Total Amount Due: Clear statement of the total amount currently owed
8. Verification Clause: Standard clause confirming the truth of the statements made
9. Signature Block: Space for deponent's signature and date
10. Notary Attestation: Official notary verification and stamp section
1. Security Details: Include when the debt is secured by any assets or collateral
2. Co-borrower Information: Required when there are multiple debtors or guarantors
3. Default Notices: Include when formal default notices have been issued
4. Previous Settlement Attempts: Detail any prior attempts at debt resolution or settlement
5. Assignment History: Required when the debt has been assigned or transferred between creditors
6. Legal Actions: Include details of any related legal proceedings or actions
1. Schedule A - Loan Documentation: Copies of original loan agreements or credit contracts
2. Schedule B - Payment Records: Detailed statement of all payments and transactions
3. Schedule C - Default Notices: Copies of formal notices sent to the debtor
4. Schedule D - Interest Calculations: Detailed breakdown of interest calculations and charges
5. Schedule E - Supporting Documents: Any additional relevant documentation such as correspondence or security agreements
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Notary Public
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