The Letter of Intent to Pay Outstanding Debt is a critical document in Nigerian business and legal practice, commonly used when a debtor needs to formally acknowledge a debt and establish a clear commitment to its repayment. This document is particularly important in the Nigerian legal context as it can restart the statute of limitations for debt collection and serve as strong evidence in legal proceedings. The letter should be drafted in compliance with Nigerian contract law and the Evidence Act 2011, ensuring all essential elements are included to make it legally binding. It's commonly used in situations where there's a need to restructure payment terms, avoid legal action, or formalize a payment arrangement. The document typically includes detailed information about the debt's origin, current amount owed, payment terms, and timeline for settlement. While not a new contract, a properly drafted Letter of Intent to Pay Outstanding Debt can provide significant legal protection for both creditors and debtors under Nigerian law.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
Your data doesn't train Genie's AI
You keep IP ownership of your docs
1. Sender's Details: Full name, address, and contact information of the debtor
2. Date: Current date of the letter
3. Recipient's Details: Full name, address, and contact information of the creditor
4. Subject Line: Clear indication that this is a Letter of Intent to Pay Outstanding Debt
5. Debt Acknowledgment: Clear statement acknowledging the specific debt amount and its origin
6. Debt Details: Breakdown of the principal amount, any interest, and total sum owed
7. Payment Commitment: Express intention and commitment to pay the debt
8. Payment Terms: Specific details of how and when the debt will be paid, including payment schedule
9. Closing: Formal closing statement with signature block
1. Force Majeure: Include when there's a need to address potential circumstances that might affect payment ability
2. Interest Terms: Add when there's an agreement on additional interest during the repayment period
3. Collateral Details: Include when specific assets are being offered as security for the debt
4. Previous Payment History: Add when referencing past partial payments or payment attempts
5. Dispute Resolution: Include when specific dispute resolution mechanisms need to be agreed upon
6. Witness Section: Add when formal witnessing of the letter is required by either party
1. Schedule A - Original Debt Documentation: Copies of original loan agreements, invoices, or other documents establishing the debt
2. Schedule B - Payment Schedule: Detailed breakdown of payment installments with specific dates and amounts
3. Schedule C - Statement of Account: Current statement showing full breakdown of debt, including any interest and fees
4. Schedule D - Supporting Evidence: Any relevant correspondence or documentation regarding the debt history
Find the exact document you need
Letter Of Intent For Membership
A Nigerian-compliant preliminary document expressing formal intent to join an organization or association, outlining basic membership terms and conditions.
Download
Letter Of Intent For Job Transfer To Another Branch
A formal Nigerian document outlining the intended transfer of an employee between company branches, including key transfer details and terms under Nigerian employment law.
Download
Letter Of Intent For Financial Assistance
A preliminary document under Nigerian law outlining proposed terms for providing financial assistance, serving as a framework for subsequent detailed agreements.
Download
Letter Of Intent For Business Relationship
A preliminary document under Nigerian law outlining intended business relationships between parties, setting the stage for formal agreement while specifying any binding interim provisions.
Download
Letter Of Intent Educational Assistance
A non-binding document under Nigerian law expressing intent to provide educational assistance, outlining basic terms and conditions of the proposed support.
Download
Letter Of Intent Agreement
A preliminary agreement under Nigerian law outlining proposed terms for a future transaction or business relationship, combining binding and non-binding elements.
Download
Application Letter Of Intent
A formal expression of interest in employment governed by Nigerian law, serving as an initial step in the job application process.
Download
Letter Of Intent For Service Providers
A preliminary agreement under Nigerian law outlining proposed terms between a service provider and client before establishing a formal service contract.
Download
Professional Letter Of Intent
A preliminary business document under Nigerian law that outlines intended business relationships and key terms for proposed transactions, serving as a framework for future detailed agreements.
Download
Letter Of Intent To Pay Outstanding Debt
A formal written commitment under Nigerian law acknowledging an existing debt and outlining the intention and plan for its settlement.
Download
Letter Of Intent To Leave
A formal resignation letter compliant with Nigerian Labour Law that serves as official notice of an employee's intention to terminate their employment.
Download
Letter Of Intent To Join
A preliminary document under Nigerian law outlining the mutual understanding between an employer and prospective employee regarding future employment terms and conditions.
Download
Letter Of Intent For Scholarship To Mayor
A formal letter used in Nigeria to express intent and apply for scholarships through the Mayor's office, following local government protocols and educational regulations.
Download
Letter Of Intent For Updating Documents
A Nigerian-law governed formal letter declaring intent to update specific documents, outlining the scope and process of documentation modifications.
Download
Letter Of Intent For Teachers Ranking
A formal document used in Nigeria's education system to initiate teacher ranking classification, complying with TRCN regulations and state education laws.
Download
Letter Of Intent For Higher Position
A preliminary document under Nigerian law indicating intent to promote an employee to a higher position, outlining basic terms and conditions of the proposed role.
Download
Letter Of Intent Running For A Position
A formal declaration document under Nigerian law expressing intent to run for a specific position, typically in public office or governmental organizations.
Download
Letter Of Intent For Apartment
A preliminary document used in Nigeria to formally express interest in leasing a specific apartment, outlining proposed terms and conditions for the potential lease agreement.
Download
Letter Of Content
A formal Nigerian document establishing terms for content creation, delivery, and usage rights between content creators and clients.
Download
Letter Of Resignation With Intent To Return
A formal Nigerian employment document combining resignation with documented intention to rejoin the organization in the future, governed by Nigerian labor law.
Download
Letter Of Intent For Teacher 1 Elementary
A preliminary document used in Nigerian schools to express intent to employ an elementary teacher, outlining basic terms and next steps in the hiring process.
Download
Proposal Of Intent
A preliminary document under Nigerian law outlining parties' intentions and basic terms for potential business transactions, serving as a framework for future negotiations.
Download
Letter Of Interest To Supply Goods
A formal business document used in Nigeria to express a company's intention and capability to supply specific goods to another organization, adhering to Nigerian commercial laws and regulations.
Download
Letter Of Intent To Offer Services
A preliminary document under Nigerian law outlining proposed terms for service provision, serving as a framework for future service agreement negotiations.
Download
Letter Of Intent To Borrow Money
A preliminary document under Nigerian law expressing formal intent to borrow money and outlining proposed key loan terms.
Download
Letter Of Intent For Project Proposal
A preliminary document under Nigerian law outlining initial project understanding between parties, serving as a framework for future negotiations and project development.
Download
Grant Letter Of Interest
A preliminary document under Nigerian law expressing a grantor's interest in providing grant funding, outlining basic grant parameters and next steps.
Download
Letter Of Intent To Sell Vehicle
A preliminary document under Nigerian law expressing the seller's intention to transfer vehicle ownership to a specific buyer, outlining key terms and conditions of the proposed sale.
Download
Letter Of Interest To Buy A Business
A preliminary document used in Nigerian business acquisitions to formally express interest in purchasing a business, governed by Nigerian corporate law.
Download
Letter Of Intent To Work Together
A preliminary document under Nigerian law outlining proposed business collaboration terms and establishing a framework for future negotiations.
Download
Letter Of Intent To Participate In Project
A preliminary non-binding document under Nigerian law expressing intent to participate in a project, outlining basic terms and conditions for potential involvement.
Download
Letter Of Intent Formal
A formal Letter of Intent under Nigerian law outlining preliminary terms and understanding between parties before a definitive agreement, incorporating relevant Nigerian legal requirements and business practices.
Download
Letter Of Intent For Offtake Agreement
A preliminary document under Nigerian law outlining the proposed terms for an offtake arrangement, setting the framework for a definitive agreement while specifying binding and non-binding obligations.
Download
Letter Of Intent For Contract Renewal
A formal document under Nigerian law expressing intent to renew an existing contract, outlining basic terms and conditions for the proposed renewal.
Download
Bank Letter Of Intent
A preliminary banking document under Nigerian law expressing the bank's intention regarding a potential financial arrangement, subject to conditions and final approval.
Download
LOI For Business Purchase
A preliminary document under Nigerian law outlining proposed terms for a business acquisition, containing both non-binding commercial terms and binding confidentiality provisions.
Download
Purchase Letter
A formal business document used in Nigerian commerce to communicate purchase intentions and essential terms for goods or services.
Download
Letter Of Intent To Retire From Government Service
A formal document used in Nigerian public service where a government employee officially declares their intention to retire, governed by Nigerian Public Service Rules.
Download
Letter Of Intent To Resign Teacher
A formal resignation notice for teachers in Nigeria, complying with TRCN regulations and state education laws.
Download
Intent To Award Letter
A formal notification under Nigerian law indicating the intention to award a contract to a successful bidder, subject to specified conditions and requirements.
Download
Genie’s Security Promise
Genie is the safest place to draft. Here’s how we prioritise your privacy and security.
Your documents are private:
We do not train on your data; Genie’s AI improves independently
All data stored on Genie is private to your organisation
Your documents are protected:
Your documents are protected by ultra-secure 256-bit encryption
We are ISO27001 certified, so your data is secure
Organizational security:
You retain IP ownership of your documents and their information
You have full control over your data and who gets to see it