The Demand Notice For Recovery of Money is a fundamental document in Nigerian debt recovery practice, used when a creditor seeks to formally recover outstanding payments from a debtor. This document is typically issued after informal attempts to collect payment have failed but before initiating formal legal proceedings. It must comply with Nigerian legal requirements and should include specific details about the debt, payment history, and deadline for payment. The notice serves multiple purposes: it formally documents the demand for payment, provides the debtor with a final opportunity to settle the debt, and establishes evidence of formal demand should legal action become necessary. This document is particularly important in Nigerian jurisdiction as it often serves as a prerequisite to commencing legal action and can significantly strengthen the creditor's position in subsequent legal proceedings.
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1. Sender's Details: Full name, address, and contact information of the creditor or their legal representative
2. Date: Current date of the notice
3. Recipient's Details: Full name and address of the debtor
4. Subject Line: Clear indication that this is a demand notice for recovery of money
5. Debt Details: Specific amount owed, origin of the debt, and date it was incurred
6. Payment History: Summary of any previous payments made and current outstanding balance
7. Legal Basis: Reference to the contract or circumstances creating the debt obligation
8. Demand Statement: Clear demand for payment including the total amount and payment deadline
9. Payment Instructions: Specific details on how and where to make the payment
10. Consequences Statement: Statement of legal actions that may be taken if payment is not received
11. Closing: Professional closing statement with signature block and title of sender
1. Interest Calculation: Include when claiming interest on the outstanding amount, showing calculation method and total
2. Previous Correspondence: Reference to prior demands or communications when this is not the first notice
3. Settlement Options: Include when willing to discuss payment plans or settlement options
4. Third Party Authorization: Include when the notice is being sent by a authorized representative or debt collector
5. Without Prejudice: Include this marking when the notice contains settlement proposals
1. Statement of Account: Detailed breakdown of the debt, including principal amount, interest, and any additional charges
2. Supporting Documents: Copies of relevant contracts, invoices, or other documents evidencing the debt
3. Payment History Schedule: Detailed record of all payments made and missed payments
4. Interest Calculation Schedule: Detailed breakdown of interest calculations if applicable
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