The Demand Notice From Bank is a critical document in Irish banking practice, serving as a formal request for payment and often as a prerequisite to legal proceedings. It is typically used when a borrower has defaulted on loan payments or breached other significant terms of a loan agreement. The notice must comply with strict regulatory requirements under Irish law, including the Consumer Protection Code and Central Bank regulations. It contains detailed information about the outstanding debt, payment terms, and consequences of non-payment. This document is particularly important as it often represents the final formal communication before legal action and must therefore be precisely drafted to ensure enforceability while maintaining compliance with consumer protection requirements. The notice must include specific statutory disclosures, especially when dealing with consumer loans or residential mortgages, and may need to reference the Mortgage Arrears Resolution Process (MARP) where applicable.
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1. Bank Details and Reference Information: Bank's name, address, relevant department, account manager details, and all reference numbers
2. Borrower Information: Full name and address of the borrower(s), account numbers, and any relevant reference numbers
3. Loan Details: Specific details of the loan agreement, including date of original agreement and any relevant amendments
4. Current Outstanding Amount: Clear breakdown of the outstanding balance, including principal, interest, and any charges
5. Demand Statement: Clear and unambiguous statement of demand for payment, including the total amount demanded
6. Payment Timeline: Specific deadline for payment and consequences of non-payment
7. Payment Instructions: Clear instructions on how and where to make the payment
8. Legal Authority: Reference to relevant clause in loan agreement or legal basis for making the demand
1. Default History: Include when there has been a pattern of defaults or previous demands - details of missed payments and previous communications
2. Security Details: Include when the loan is secured - details of any security held against the loan
3. Regulatory Disclosures: Include when dealing with consumer loans - mandatory disclosures required by Consumer Protection Code
4. Alternative Resolution Options: Include for residential mortgages - information about MARP (Mortgage Arrears Resolution Process) and other available options
5. Guarantor Notice: Include when there are guarantors - parallel demand or notice to guarantors
6. Warning Notices: Include for consumer loans - statutory warnings about credit ratings and legal consequences
1. Statement of Account: Detailed breakdown of the outstanding balance, including transaction history
2. Interest Calculation: Detailed calculation showing how interest has been applied
3. Payment History: Schedule showing history of payments and defaults
4. Copy of Loan Agreement: Copy of relevant sections of the original loan agreement relating to default and demand
5. Regulatory Information Sheet: Required consumer protection information and contact details for debt counseling services
Relevant legal definitions
Account
Agreement
Arrears
Bank
Borrower
Business Day
Default
Default Interest Rate
Demand
Due Date
Event of Default
Facility
Guarantor
Interest Rate
Loan
Outstanding Balance
Payment Date
Principal
Secured Property
Security
Standard Interest Rate
Term
Total Amount Due
Regulatory Authority
MARP
Notice Period
Repayment Schedule
Default Notice
Enforcement Action
Legal Proceedings
Agreement
Arrears
Bank
Borrower
Business Day
Default
Default Interest Rate
Demand
Due Date
Event of Default
Facility
Guarantor
Interest Rate
Loan
Outstanding Balance
Payment Date
Principal
Secured Property
Security
Standard Interest Rate
Term
Total Amount Due
Regulatory Authority
MARP
Notice Period
Repayment Schedule
Default Notice
Enforcement Action
Legal Proceedings
Clauses
Default Declaration
Payment Demand
Outstanding Amount
Interest Calculation
Payment Terms
Consequences of Non-Payment
Legal Authority
Security Enforcement
Regulatory Disclosure
Consumer Rights
Payment Instructions
Further Action
Contact Details
Statutory Notices
Dispute Resolution
Regulatory Compliance
Time Limits
Service of Notice
Payment Demand
Outstanding Amount
Interest Calculation
Payment Terms
Consequences of Non-Payment
Legal Authority
Security Enforcement
Regulatory Disclosure
Consumer Rights
Payment Instructions
Further Action
Contact Details
Statutory Notices
Dispute Resolution
Regulatory Compliance
Time Limits
Service of Notice
Relevant Industries
Banking and Financial Services
Legal Services
Real Estate
Commercial Lending
Retail Banking
Corporate Banking
Debt Collection
Financial Regulation
Consumer Credit
Mortgage Services
Relevant Teams
Legal
Compliance
Credit Risk
Collections
Consumer Protection
Regulatory Affairs
Banking Operations
Customer Relations
Debt Recovery
Risk Management
Account Management
Document Management
Relevant Roles
Credit Manager
Collections Officer
Legal Counsel
Compliance Officer
Risk Manager
Banking Relationship Manager
Debt Recovery Specialist
Consumer Protection Officer
Banking Operations Manager
Credit Risk Officer
Legal Services Manager
Regulatory Compliance Manager
Account Manager
Chief Risk Officer
Head of Collections
Senior Legal Advisor
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