Acknowledgement of Debt – 2 or more debtors, payment in instalments
An Acknowledgement of Debt can be used to acknowledge and confirm that a debt is due, and to specify that the debt is payable in instalments. This Acknowledgement of Debt can be used where a debt is owed by two or more persons or legal entities, who are jointly liable for the same debt to the creditor.
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2 or more Debtors, payment in instalments
Summary This Acknowledgement of Debt may be used where a debt is owed by two or more persons or legal entities, who are jointly liable for the same debt to the creditor. An Acknowledgement of Debt is a debt acknowledgement, used to acknowledge and confirm that the debt is due, and to specify that the debt is payable over several instalments.
View also: AOD, single payment
Why do I need an Acknowledgement of Debt? If you or your business has debtors that owe money, a Debt Acknowledgment may be used to specify the amount owed and the agreed payment terms. An AOD confirms that a debt is due, and sets out an undertaking by the Debtors to pay the debt in regular instalments at agreed intervals. If the debt is not paid as agreed, the creditor may use the Acknowledgement of Debt to take further action.
What does an AOD say? The template debt acknowledgement sets out: The Debtors’ details; The amount of the debt; The repayment details; Default and costs.
What does the template look like? The agreement can be printed onto three pages.
What do you need to do to use the Acknowledgement of Debt?
- Read the sample Debt Acknowledgement document to ensure that it suits your requirements. Make changes as required.
- Complete the relevant details, and get the Debtor to sign.
If this transaction is subject to the National Credit Act 34 of 2005 then a specialist’s advice should be sought.
Also known as: Payment Undertaking; AOD
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