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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 on __________(7)
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.
The information in this document is designed to provide an outline that you can follow
when formulating business or personal plans. Due to the variances of many local, city, county
and state laws, we recommend that you seek professional legal counseling before entering into
any contract or agreement.