Demand for Payment on Installment Promissory Note

{{company_name}}

{{company_address}}

{{phone}}

{{email}}

{{website}}

DATE: {{date}}

{{debtor_name}}

{{debtor_address}}

Subject: Demand for Payment on Overdue Installment Promissory Note - Account Number {{account_number}}

Dear {{debtor_name}},

This letter serves as a formal demand for payment regarding your outstanding obligations under the Installment Promissory Note (the “Note”) executed on {{note_date}}, for the principal amount of {{currency}}{{principal_amount}}.

Outstanding Obligation Details

Our records indicate that the installment payment due on {{due_date}} in the amount of {{currency}}{{installment_amount}} has not been received. Furthermore, late payment fees as stipulated in the Note have accrued, bringing your total current outstanding balance to {{currency}}{{total_amount_due}} ({{installment_amount}} principal/interest + {{late_fees}} late fees).

A detailed statement of your account is attached for your review. Please refer to Section {{section_number}} of the Promissory Note for the terms regarding late payments and default.

Demand for Immediate Payment

We hereby demand immediate payment of the total outstanding balance of {{currency}}{{total_amount_due}}. Payment must be received within {{number_of_days}} ({{number_of_days_words}}) days from the date of this letter to avoid further enforcement actions.

Payment Options

You can make payment by:

1. Electronic Funds Transfer to Account Number: {{bank_account_number}}, Bank Name: {{bank_name}}, Branch: {{bank_branch}}.

2. Cheque or Money Order payable to {{company_name}} and mailed to {{company_address}}.

3. Online payment via our portal at {{payment_portal_link}}.

Consequences of Non-Payment

Failure to remit the full outstanding balance by the specified deadline will result in further action, which may include, but is not limited to, reporting to credit bureaus, pursuit of legal remedies to recover the debt (including principal, accrued interest, late fees, collection costs, and attorney's fees), and enforcement of any collateral agreements related to the Note.

Contact Information

If you believe this demand is in error or if you wish to discuss a payment arrangement, please contact us immediately at {{phone}} or {{email}} to avoid further escalation. Please reference Account Number {{account_number}} in all communications.

Sincerely,

{{sender_name}}

{{sender_title}}

{{company_name}}