Affidavit Of Indebtedness Template for Philippines

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Affidavit Of Indebtedness

"I need an Affidavit of Indebtedness for a personal loan of 500,000 PHP that I lent to my cousin, with monthly installment payments starting January 2025 and including a co-maker provision for my aunt who agreed to guarantee the debt."

Document background

The Affidavit of Indebtedness is a crucial legal instrument in the Philippine legal system, used to formally acknowledge and document debt obligations. This document is particularly valuable when there is a need to establish clear evidence of debt for legal or collection purposes. It combines the formality of a sworn statement with specific debt details, making it a powerful tool in debt enforcement. The document must comply with Philippine notarial laws and civil code requirements, including proper execution before a notary public. Typically used in situations where loans need to be formalized, debts restructured, or when creating an official record of existing financial obligations, an Affidavit of Indebtedness can be utilized by both individuals and businesses. The document's sworn nature adds a layer of seriousness and legal consequence, as false statements can result in perjury charges under Philippine law.

Suggested Sections

1. Title and Venue: States 'AFFIDAVIT OF INDEBTEDNESS' and the jurisdiction where the affidavit is being executed

2. Affiant Information: Complete identification of the person making the sworn statement, including full name, age, civil status, citizenship, and address

3. Oath Declaration: Standard declaration that the affiant is making the statement under oath

4. Creditor Information: Complete details of the creditor, including full name, address, and any relevant identification

5. Debt Acknowledgment: Clear statement acknowledging the existence and validity of the debt

6. Debt Details: Specific amount of debt, date incurred, and purpose or nature of the debt

7. Payment Terms: Agreed terms for repayment, including payment schedule and method

8. Attestation of Truth: Declaration that all statements in the affidavit are true and correct

9. Affiant's Signature: Space for affiant's signature and date of execution

10. Jurat: Notarial section where the document is sworn to before a notary public

Optional Sections

1. Collateral Description: Used when the debt is secured by specific assets or property

2. Co-Maker Information: Include when there is a co-maker or guarantor for the debt

3. Interest Rate Declaration: When specific interest rates are agreed upon and need to be documented

4. Default Provisions: Used to specify consequences of payment default

5. Witness Section: When additional witnesses are required to attest to the debt

6. Previous Payments: When acknowledging partial payments already made on the debt

Suggested Schedules

1. Schedule A - Payment History: Detailed list of any previous payments made, including dates and amounts

2. Schedule B - Amortization Schedule: Detailed breakdown of future payment installments if applicable

3. Schedule C - Collateral Details: Comprehensive description of any collateral securing the debt

4. Appendix 1 - Supporting Documents: List of attached supporting documents such as promissory notes or loan agreements

5. Appendix 2 - Proof of Debt: Copies of relevant receipts, checks, or transfer documents evidencing the debt

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Banking and Financial Services

Real Estate

Retail

Manufacturing

Professional Services

Construction

Small and Medium Enterprises

Personal Lending

Microfinance

Legal Services

Relevant Teams

Legal

Finance

Credit and Collections

Risk Management

Compliance

Treasury

Accounts Receivable

Corporate Secretariat

Debt Recovery

Documentation

Relevant Roles

Legal Counsel

Credit Manager

Collections Officer

Finance Manager

Debt Recovery Specialist

Loan Officer

Compliance Officer

Risk Manager

Corporate Secretary

Accounts Receivable Manager

Credit Analyst

Legal Administrator

Financial Controller

Treasury Manager

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Let's create your Affidavit Of Indebtedness

Authors

Alex Denne

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