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A Debt Acknowledgment Letter is a document signed by one primary party, the debtor, as an acknowledgment of a specific amount of money owed to another party, the creditor. A Debt Acknowledgment Form is usually quite a short document, containing only the basic and required facts about the parties' transaction and the monies owed.
A Debt Acknowledgment Form contains the names of the two parties, the amount of money owed, an acknowledgment that there are no defences to the money owed, and a date certain by which the money will be paid back.
How to use this document
This document may be used for a debtor needing to create a signed form for a creditor, in which the debtor acknowledges that money is owed and needs to be paid back. This document may also be used for a creditor that needs a standard template for one of its debtors to fill out regarding any money owed.
Here, the party entering the information will enter the names and the details of the financial situation between the two, including money owed and whether the full amount listed in the letter is with or without interest accrued.
At the end, there is a portion for a notary to fill out after witnessing the signature of the debtor. This is a good idea, as it will ensure the debtor signature cannot be questioned, as the debtor signature is the most important one, but the notary is not strictly necessary. It is the creditor and debtor's choice whether to have the form notarized.
Debt acknowledgment forms are subject to general contract principles established by common law.
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