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The Letter of Intent to Pay Debt is a crucial document in Philippine debt management and collection processes, falling under the jurisdiction of the Civil Code of the Philippines. This document is typically used when a debtor wishes to formally acknowledge a debt and establish clear terms for its repayment, whether in full or through an installment plan. It serves multiple purposes: it refreshes the prescription period for debt collection, provides evidence of the debt's existence and terms, and demonstrates the debtor's commitment to pay. The document should comply with Philippine civil law requirements and can be used in both personal and business contexts. Common scenarios for using this document include settling business debts, personal loans, or restructuring payment terms for existing obligations. The Letter of Intent to Pay Debt can also help prevent or resolve potential legal disputes by clearly documenting the parties' understanding and agreement regarding the debt obligation.

1. Date and Parties: Full names and addresses of both the debtor and creditor

2. Debt Acknowledgment: Clear statement acknowledging the existence and amount of the debt, including the origin or nature of the debt

3. Amount and Currency: Precise statement of the total amount owed in the appropriate currency

4. Payment Commitment: Clear statement of intention and commitment to pay the debt

5. Payment Terms: Specific details of how and when the debt will be paid, including payment schedule if applicable

6. Signature Block: Space for debtor's signature, date, and witness signatures if required