What you need to know about
Use this 30-day past due letter to collect debts that are over a month late.
- Collecting a debt that is at least 30-days overdue.
- Initiating negotiations with a borrower who is in default on a loan.
Whether it’s allowing your clients to pay for goods and services sometime after they have been delivered or loaning money to a friend or family member, we often find ourselves in a position where someone owes us money. For the most part, people make reasonable efforts to make good on their debts, but sometimes payments are made late due to error or an inability to pay. If you find yourself in the position of having to collect on a debt owed to you or your business, use this 30-day past due letter to encourage your borrowers to pay up.
When collecting a debt that is owed to you, it is critical to go about the process in a legal and professional manner. Sending this 30-day past due letter to the person late on repaying their loan will let them know that you are serious about the debt. Often, the borrower will submit payment immediately after receiving the letter. In other cases, a 30-day past due letter can begin negotiations between a lender and a borrower who finds himself unable to make monthly payments.
Regardless of the circumstances, if you find that someone who owes you money has missed a payment deadline by at least 30 days, use this interactive form to generate a 30-day past due letter that will be effective in helping you get the money that is owed.
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Reference is made to that certain ______________ wherein you agreed to make payment to every ____ of the month. Notice is hereby given that your payment is now 30-days past due. Accordingly, the following amounts are due and payable:
Total principal due to date $________
Total interest due to date +________
Late Fees +________
Total Due: $________
We must now demand that you forward the total amount indicated above within 7 days of this letter. We reserve the right to initiate further action that may result in legal proceedings for failure to pay.
Your prompt attention to this matter is appreciated.
30-DAY PAST DUE LETTER Checklist
Make It Legal™
Find out next steps for your document:
___Review Carefully. Look over the document carefully to ensure it matches your intentions.
___Sign the Letter. This letter needs to be signed by the Creditor. Electronic signatures are acceptable.
___Investigate State Rules and Regulations. Before mailing the letter, you should investigate all appropriate state regulation regarding collection, as well as the federal Fair Debt Collection Practices Act, in order to determine whether or not the letter complies with the provision of those laws.
___Distribute Copies. Fully executed copies of the letter should be provided to both parties.
Disclaimer: It is strongly advised to have your credit/finance documents reviewed or advised on by an attorney to insure compliance with law. To speak with a lawyer about this contract or any other legal need, please visit LawTrades.com.