The 10 Day Demand Letter is a critical document in Nigerian debt recovery practice, typically used when previous informal attempts to collect a debt have been unsuccessful. This document serves as a final warning before initiating formal legal proceedings, demonstrating the creditor's serious intention to pursue the debt while providing the debtor one last opportunity to settle the matter amicably. The letter must adhere to Nigerian legal requirements and typically precedes more serious legal actions such as court proceedings or enforcement measures. It should clearly state the debt amount, its origin, payment history, and specific payment requirements, while maintaining professionalism and compliance with local regulations. This document is particularly important as it often serves as evidence in subsequent legal proceedings, demonstrating the creditor's reasonable attempts to resolve the matter before seeking judicial intervention.
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1. Sender Details: Full legal name, address, and contact information of the creditor or their legal representative
2. Date: Current date of the letter
3. Recipient Details: Full legal name and address of the debtor
4. Subject Line: Clear indication that this is a demand letter with reference numbers if applicable
5. Debt Details: Specific amount owed, date the debt was incurred, and nature of the debt
6. Payment History: Summary of any previous payments made and current outstanding balance
7. Legal Basis: Reference to the contract or basis for the debt
8. Demand Statement: Clear statement demanding payment within 10 days
9. Payment Instructions: Specific instructions on how and where to make the payment
10. Legal Consequences: Statement of intended legal action if payment is not received within the specified timeframe
11. Closing: Professional closing with signature block
1. Previous Communications: Reference to prior attempts to collect the debt, used when there has been a history of payment requests
2. Interest Calculation: Breakdown of interest charges if applicable to the debt
3. Settlement Options: Alternative payment arrangements or settlement offers, included when the creditor is willing to negotiate
4. Notice of Acceleration: For installment contracts, notice that the entire balance is being accelerated, used when applicable
5. Without Prejudice: Legal reservation of rights, used when offering settlement options
1. Original Contract: Copy of the original agreement or contract establishing the debt
2. Statement of Account: Detailed statement showing all transactions, payments, and current balance
3. Payment History Log: Documentation of all payments received and missed payments
4. Previous Correspondence: Copies of relevant prior communications regarding the debt
5. Interest Calculation Sheet: Detailed breakdown of how interest has been calculated if applicable
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Energy
Agriculture
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Relevant Teams
Legal
Finance
Accounts Receivable
Credit Control
Collections
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Relevant Roles
Credit Manager
Accounts Receivable Manager
Financial Controller
Chief Financial Officer
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Collections Specialist
Credit Control Officer
Finance Director
Debt Recovery Officer
Business Owner
Company Secretary
Risk Manager
Commercial Manager
Account Manager
Operations Manager
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