Legal Basis for Debt Acknowledgement Letter

[Suba]

A debt acknowledgement letter is different from a bond, this debt acknowledgement letter is made and agreed upon by the debtor and creditor, both personal and business, this acknowledgement letter can be made either without a notary or with a notary, but has different legal force. The debt acknowledgement letter must state the amount of debt, interest, period, and collateral, the creation of a debt agreement is to maintain the security of both parties legally. The debt acknowledgement letter is also proof that the debtor has acknowledged his debt that must be paid when due. The debtor will not run away from his responsibility to pay off the debt, thus making the creditor safer and calmer.

Although debt is under civil law, the rules will always be different for each country. Have you ever made a debt acknowledgement letter for either personal or business where you work?

 

[Starmix]

I experienced or did it when someone borrowed money from me in the amount of $800 plus. Stated there were those you mentioned, however, the debtor didn't pay me as what was stated in the pre - appointed evidence or debt acknowledgement. I sued the person and he was forced to sell his motorcycle to pay me with interest. I have learned that he spent the money to buy a second hand motorcycle. He learned a lesson.