The Promissory Note Demand Letter is a formal document used when a promissory note payment has become due or is in default under Australian law. It represents a critical step in the debt collection process, typically issued after a payment deadline has passed or when there's a default event under the note's terms. The document must comply with federal legislation including the Bills of Exchange Act 1909 (Cth), relevant state debt collection laws, and the Australian Consumer Law. It includes specific details about the original promissory note, amount due, payment instructions, and consequences of non-payment. This document often serves as the final formal notice before initiating legal proceedings and can be crucial evidence in subsequent legal actions.
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1. Sender Details: Full legal name and contact information of the party demanding payment (creditor)
2. Date: Current date of the demand letter
3. Recipient Details: Full legal name and address of the debtor
4. Subject Line: Clear identification as a Demand Letter for Payment of Promissory Note
5. Promissory Note Reference: Details of the original promissory note including date, parties, and amount
6. Demand Statement: Clear statement of demand for payment, including the exact amount due
7. Payment Details: Specific payment instructions, methods, and deadline
8. Consequences of Non-Payment: Statement of legal actions that may be taken if payment is not received
9. Closing: Formal closing, signature block, and creditor's contact information
1. Default Events: Description of specific events of default if multiple breaches have occurred
2. Payment History: Include when there's a history of partial payments or previous demands
3. Interest Calculation: Detailed breakdown of interest calculations when significant interest has accrued
4. Cure Period: Optional grace period details if being offered to the debtor
5. Settlement Options: Include if willing to accept partial payment or payment plan
6. Legal Authority: Reference to specific legal authority when dealing with sophisticated parties
1. Copy of Original Promissory Note: Attached copy of the original signed promissory note
2. Payment History Schedule: Detailed record of any payments made and remaining balance
3. Interest Calculation Schedule: Detailed breakdown of interest calculations and accrual
4. Previous Correspondence: Copies of relevant previous payment demands or communications
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