Demand for Payment on Installment Promissory Note

Letterhead

{{company_name}}

{{company_address}}

Phone: {{phone}}

Email: {{email}}

Website: {{website}}

Date

{{date}}

Recipient Information

{{recipient_name}}

{{recipient_address}}

Subject

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

Body

Dear {{recipient_name}},

This letter serves as a formal demand for payment in accordance with the Installment Promissory Note (hereinafter, "the Note") executed on {{note_execution_date}} between {{company_name}} (Creditor) and {{recipient_name}} (Debtor) for the principal sum of {{currency}}{{original_principal_amount}}.

Our records indicate that you have failed to make the scheduled installment payments as stipulated in the Note. Specifically, the following payments are past due:

Payment Due Date: {{due_date_1}}, Amount: {{currency}}{{amount_due_1}}

Payment Due Date: {{due_date_2}}, Amount: {{currency}}{{amount_due_2}}

Payment Due Date: {{due_date_3}}, Amount: {{currency}}{{amount_due_3}}

The total outstanding amount, including all past due installments, accrued interest as per the terms of the Note, and any applicable late fees, is {{currency}}{{total_amount_due}} (hereinafter, "the Outstanding Balance"). A detailed breakdown of this amount is attached hereto as Schedule A.

You are hereby notified that you have {{days_to_respond}} days from the date of this letter to remit the full Outstanding Balance. Failure to make full payment of the Outstanding Balance within the aforementioned timeframe will result in further legal action to recover the debt, without further notice to you. This may include, but is not limited to, referring the matter to a collections agency, initiating legal proceedings, and reporting the default to relevant credit bureaus.

We encourage you to contact us immediately at {{phone}} or {{email}} to discuss this matter and arrange for payment. Prompt attention to this demand will help avoid further escalation and associated costs.

All rights, remedies, and defenses available to {{company_name}} under the Note and applicable law are hereby expressly reserved.

Sincerely,

{{sender_name}}

{{sender_title}}

Signature Block

_____________________________

{{sender_name}}

{{sender_title}}

{{company_name}}