The Final Demand Letter Credit Card is a crucial document in Singapore's debt recovery process, typically issued after multiple unsuccessful attempts to collect payment. It represents the last step before legal action and must comply with MAS guidelines and Singapore banking regulations. This document is used when a credit card account has been in default for an extended period, usually 90+ days, and includes specific details about the debt, accumulated interest, and fees. It provides clear payment instructions and deadlines while warning of potential legal consequences. The letter must balance firmness with compliance with fair debt collection practices.
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1. Recipient Details: Full name, address, and account details of the debtor
2. Account Information: Credit card account number and type
3. Outstanding Amount: Clear breakdown of principal debt, interest, and fees
4. Payment History: Brief summary of previous payment attempts and communications
5. Demand Statement: Clear statement of demand for payment
6. Payment Deadline: Specific deadline for payment (usually 7-14 days)
7. Legal Consequences: Statement of potential legal action if payment not received
1. Payment Plan Options: Optional section offering negotiated payment terms, typically used for long-standing customers or large amounts
2. Settlement Offer: Optional section offering reduced payment amount if paid in full by specific date, used when bank prefers immediate partial payment
1. Statement of Account: Detailed breakdown of transactions and charges
2. Payment History Schedule: Detailed history of payments and defaults
3. Interest Calculation Schedule: Breakdown of how interest has been calculated
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