The Demand For Payment On Promissory Note is a critical document used in Philippine debt collection processes when seeking to recover funds from a debtor who has signed a promissory note but failed to pay according to its terms. This document is typically issued after a payment default and before initiating legal proceedings, serving as both a final warning and a formal record of the demand. It must comply with Philippine legal requirements, particularly the Negotiable Instruments Law and Civil Code provisions regarding debt collection. The demand should include specific details about the promissory note, outstanding amount, interest calculations, and payment deadline, while also preserving the creditor's legal rights for potential future court action.
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1. Sender Details: Complete name and address of the creditor or authorized representative making the demand
2. Date: Current date of the demand letter
3. Recipient Details: Complete name and address of the debtor
4. Subject Line: Clear indication that this is a demand for payment on promissory note with reference number
5. Debt Identification: Details of the promissory note including date of execution and original principal amount
6. Amount Due: Clear statement of the total amount due, including principal, accrued interest, and any penalties as per the note
7. Payment Demand: Explicit demand for payment with specific deadline
8. Payment Instructions: Detailed instructions on how and where to make the payment
9. Legal Consequences: Statement of intent to pursue legal action if payment is not received by the deadline
10. Closing: Formal closing, signature block, and contact information
1. Payment History: Include when there have been partial payments or payment attempts to establish the history of the debt
2. Previous Demands: Reference to any previous demands or communications when this is not the first demand
3. Acceleration Clause: Include when invoking an acceleration clause in the promissory note making the entire amount due
4. Settlement Options: Include when willing to discuss payment arrangements or settlement options
5. Attorney Authorization: Include when the demand is being made by a legal representative
1. Copy of Promissory Note: Authenticated copy of the original promissory note
2. Interest Calculation Schedule: Detailed breakdown of how interest and penalties were calculated
3. Payment History Schedule: Record of any payments made and remaining balance if applicable
4. Prior Correspondence: Copies of relevant prior demand letters or communications
5. Authorization Documents: Power of attorney or other authorization documents if demand is made by a representative
Relevant legal definitions
Clauses
Relevant Industries
Banking & Finance
Legal Services
Real Estate
Commercial Lending
Retail
Manufacturing
Small Business
Construction
Agricultural Finance
Investment Services
Relevant Teams
Legal
Finance
Credit Control
Collections
Treasury
Risk Management
Accounts Receivable
Corporate Secretariat
Compliance
Business Operations
Relevant Roles
Credit Manager
Collections Officer
Financial Controller
Legal Counsel
Accounts Receivable Manager
Finance Director
Treasury Manager
Risk Manager
Debt Recovery Specialist
Corporate Lawyer
Chief Financial Officer
Credit Risk Officer
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