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Notice Of Debt Recovery

Notice Of Debt Recovery Template for Philippines

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Key Requirements PROMPT example:

Notice Of Debt Recovery

"I need a Notice of Debt Recovery for an outstanding business loan of PHP 500,000 to a retail company in Manila, with a final payment deadline of March 15, 2025, including an option for a 3-month payment plan."

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Document background
The Notice of Debt Recovery is a crucial document in the Philippine debt collection process, typically issued when regular payment reminders have been unsuccessful and formal action is required. It serves as a preliminary step before potential legal proceedings, demonstrating the creditor's attempt to recover the debt through formal channels. This notice must comply with Philippine regulations, including the Civil Code, BSP Circular No. 454 on debt collection practices, and the Financial Consumer Protection Framework. The document is used across various sectors where credit is extended, from banking to retail, and includes essential information such as debt details, payment history, and settlement options. The Notice of Debt Recovery is particularly important as it creates a formal record of the collection attempt and can be used as evidence in subsequent legal proceedings if necessary.
Suggested Sections

1. Creditor Details: Full legal name and contact information of the creditor or collecting entity

2. Debtor Information: Full name and address of the debtor as recorded in the original credit agreement

3. Debt Details: Specific information about the original debt, including account number, original amount, current balance, interest rates, and dates

4. Payment History: Summary of payments made and missed payments

5. Legal Basis: Reference to the underlying agreement or basis for the debt

6. Amount Due: Clear statement of the total amount currently due, including breakdown of principal, interest, and any penalties

7. Payment Demand: Formal demand for payment including deadline and consequences of non-payment

8. Payment Instructions: Detailed information on how and where to make the payment

Optional Sections

1. Settlement Offer: Include when the creditor is willing to accept a reduced amount or payment plan as settlement

2. Previous Communications Reference: Include when there have been previous attempts to collect the debt

3. Legal Proceedings Warning: Include when legal action is being considered as next step

4. Third Party Authorization: Include when the notice is being sent by a debt collection agency or legal representative

5. Dispute Rights: Include when required by specific circumstances or when dealing with consumer debt

6. Financial Hardship Options: Include when offering options for debtors experiencing financial difficulties

Suggested Schedules

1. Schedule A - Debt Calculation: Detailed breakdown of the debt calculation including principal, interest, fees, and penalties

2. Schedule B - Payment History: Detailed record of all payments made and missed payments

3. Schedule C - Original Agreement: Copy of the original credit agreement or contract

4. Schedule D - Statement of Account: Current statement showing all transactions and balance

5. Appendix 1 - Supporting Documents: Copies of relevant invoices, statements, or other supporting documentation

6. Appendix 2 - Payment Options: Detailed information about available payment methods and settlement options

Authors

Alex Denne

Head of Growth (Open Source Law) @ 抖阴短视频 | 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

Banking

Financial Services

Retail

Healthcare

Real Estate

Telecommunications

Utilities

Insurance

Education

Manufacturing

Professional Services

Consumer Lending

Microfinance

Commercial Lending

Relevant Teams

Legal

Finance

Credit Control

Collections

Accounts Receivable

Risk Management

Compliance

Treasury

Customer Relations

Debt Recovery

Relevant Roles

Credit Manager

Collections Officer

Financial Controller

Accounts Receivable Manager

Legal Counsel

Debt Recovery Specialist

Risk Manager

Credit Analyst

Finance Director

Compliance Officer

Account Manager

Collection Supervisor

Treasury Manager

Chief Financial Officer

Credit Control Specialist

Industries






Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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