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.
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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
Relevant legal definitions
Outstanding Debt
Principal Amount
Accrued Interest
Payment Date
Due Date
Default
Business Day
Payment Schedule
Installment
Late Payment
Original Agreement
Interest Rate
Parties
Creditor
Debtor
Payment Method
Force Majeure
Default Interest
Banking Hours
Notice
Guarantor
Security
Applicable Law
Settlement
Penalty Fees
Principal Amount
Accrued Interest
Payment Date
Due Date
Default
Business Day
Payment Schedule
Installment
Late Payment
Original Agreement
Interest Rate
Parties
Creditor
Debtor
Payment Method
Force Majeure
Default Interest
Banking Hours
Notice
Guarantor
Security
Applicable Law
Settlement
Penalty Fees
Clauses
Relevant Industries
Banking & Financial Services
Real Estate
Manufacturing
Retail
Construction
Professional Services
Healthcare
Education
Telecommunications
Energy
Agriculture
Small & Medium Enterprises
Relevant Teams
Legal
Finance
Accounts Receivable
Treasury
Credit Control
Risk Management
Compliance
Corporate Secretariat
Debt Recovery
Commercial Operations
Relevant Roles
Chief Financial Officer
Financial Controller
Credit Manager
Collections Manager
Accounts Receivable Manager
Legal Counsel
Corporate Secretary
Finance Director
Treasury Manager
Risk Manager
Debt Recovery Officer
Business Owner
Financial Administrator
Company Director
Compliance Officer
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