Acknowledgement of Debt

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Acknowledgement of Debt

In business, there might come a time when either you owe another money, or another owe you money, which the debtor might not immediately be able to afford.

In this instance, an Acknowledgement of Debt comes in great handy. It records that the debt is owing, and sets out a legally binding payment plan.

Included in this Contract

  • What the principal debt owing is;
  • Whether interest is payable on the debt, and if so, the rate thereof;
  • How and at what rate the debt is to be paid off;
  • Consequences of default;
  • and much more.

How does it work?

When you start the questionnaire, you will be guided through the questions with the help hand of explanations and additional information. Based on your answers, the Acknowledgement of Debt will be tailor-made by our system. If you log in or create an account, you can also save the progress of the questionnaire and come back later.