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Debtor Confirmation Letter for Singapore

Debtor Confirmation Letter Template for Singapore

A Debtor Confirmation Letter is a formal document under Singapore law where a debtor acknowledges and confirms an existing debt obligation to a creditor. The document serves as evidence of the debt, confirms the outstanding amount, and typically includes payment terms and conditions. It is governed by Singapore's Contract Act and related legislation, providing legal certainty and protection for both parties while potentially resetting the limitation period for debt collection.

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What is a Debtor Confirmation Letter?

The Debtor Confirmation Letter is a crucial document in Singapore's debt management and collection process. It serves as a formal acknowledgment of an existing debt obligation and can be used to establish clear terms for debt repayment, reset limitation periods, and provide evidence in legal proceedings. The document should comply with Singapore's Contract Act and related legislation, including requirements for proper execution and witnessing. Typically used in situations where debt restructuring is needed, payment terms are being modified, or where formal acknowledgment of an existing debt is required for legal or business purposes.

What sections should be included in a Debtor Confirmation Letter?

1. Date and Reference: Current date and any reference numbers relating to the debt

2. Creditor Details: Full legal name and address of the creditor

3. Debtor Details: Full legal name and address of the debtor

4. Debt Acknowledgment: Clear statement acknowledging the existence and amount of debt

5. Original Debt Details: Reference to original debt agreement or circumstances

6. Payment Terms: Confirmation of agreed payment terms or schedule

What sections are optional to include in a Debtor Confirmation Letter?

1. Security Details: Details of any security provided for the debt - include when debt is secured by assets or guarantees

2. Interest Terms: Specification of interest rates and calculations - include when interest is applicable to the debt

3. Default Provisions: Consequences of payment default - include when specific default terms are agreed

What schedules should be included in a Debtor Confirmation Letter?

1. Payment Schedule: Detailed breakdown of payment dates and amounts

2. Statement of Account: Current statement showing debt balance and transactions

3. Original Debt Documentation: Copies of original agreements or invoices referenced

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

Jurisdiction

Singapore

Publisher

Ƶ

Document Type

Confirmation Letter

Sector

Sales

Cost

Free to use
Relevant legal definitions




















Clauses




















Industries

Contracts Act (Cap. 53): Primary legislation governing contract formation, validity, and enforcement in Singapore. Essential for ensuring the confirmation letter meets basic contractual requirements.

Evidence Act (Cap. 97): Governs the admissibility of evidence in legal proceedings, relevant for ensuring the confirmation letter can serve as valid evidence of debt.

Limitation Act (Cap. 163): Specifies time limits for bringing legal actions. Important as debt confirmation can restart the limitation period, which is typically 6 years for contractual claims.

Moneylenders Act (Cap. 188): Regulates moneylending activities in Singapore. Relevant if the debt involves licensed moneylenders or related transactions.

Banking Act (Cap. 19): Regulates banking operations and financial institutions in Singapore. Applicable if the debt involves banking institutions.

Bankruptcy Act (Cap. 20): Governs bankruptcy proceedings and creditor rights. Relevant for understanding the implications of debt acknowledgment in potential bankruptcy scenarios.

Electronic Transactions Act (Cap. 88): Provides legal framework for electronic transactions and signatures. Important if the confirmation letter will be executed electronically.

Personal Data Protection Act 2012: Governs the collection, use, and disclosure of personal data. Relevant for handling personal information in the confirmation letter.

Documentation Requirements: Essential elements including clear identification of parties, specific debt amount, payment terms, and original debt details must be included in the confirmation letter.

Consumer Protection Regulations: Compliance with fair trading requirements and consumer protection measures where applicable to the debt relationship.

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,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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