Collection Letter_Following Promissory Note

Company Letterhead

{{company_name}}

{{company_address}}

Phone: {{phone}}

Email: {{email}}

Website: {{website}}

Date

{{date}}

Debtor Information

{{debtor_name}}

{{debtor_address}}

Subject

URGENT: Reminder for Overdue Payment – Promissory Note No. {{promissory_note_number}}

Salutation

Dear {{debtor_name}},

Body of Letter

This letter serves as a formal reminder regarding your outstanding payment in accordance with the Promissory Note No. {{promissory_note_number}}, dated {{promissory_note_date}}.

The principal amount due is {{currency}} {{principal_amount}}, which was due for payment on {{due_date}}.

As of the date of this letter, we have not yet received the full payment. Please note that in addition to the principal amount, accrued interest of {{currency}} {{interest_amount}} and late fees of {{currency}} {{late_fees_amount}} have been added, bringing the total outstanding balance to {{currency}} {{total_amount_due}}.

We urge you to settle this outstanding balance immediately to avoid further charges and potential legal action. Please remit the full amount within {{number_of_days}} days from the date of this letter.

Kindly make payment via {{payment_method}} to {{payment_details}}.

If you have already made this payment, please disregard this letter and accept our apologies. We kindly request that you provide us with proof of payment (e.g., transaction receipt, bank statement) for our records.

Should you have any queries or require clarification, please do not hesitate to contact us at {{phone}} or {{email}}.

Consequences of Non-Payment

Please be advised that failure to make the full payment within the specified timeframe may result in further collection efforts, including but not limited to, reporting to credit bureaus, engagement of a debt collection agency, and initiation of legal proceedings to recover the outstanding debt, as per the terms stipulated in the original Promissory Note.

Closing

We look forward to your prompt attention to this matter.

Signature Block

Sincerely,

{{your_name}}

{{your_title}}

{{company_name}}