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Credit And Collection Letter

Credit And Collection Letter Template for Philippines

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Key Requirements PROMPT example:

Credit And Collection Letter

"I need a Credit and Collection Letter for a retail business in Manila, Philippines, addressing an overdue payment of PHP 250,000 from a corporate client who has missed three consecutive monthly payments, with a final payment deadline of March 15, 2025."

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Document background
The Credit and Collection Letter is a crucial document in the Philippine credit management process, used when a debtor has failed to meet their payment obligations. It serves as a formal demand for payment and must comply with various Philippine regulations, including the Truth in Lending Act, Consumer Act, and BSP guidelines on fair collection practices. The letter typically follows internal collection attempts and precedes more serious legal action. It must include specific information such as the debt amount, calculation method, payment terms, and debtor rights, while avoiding any unfair collection practices prohibited by Philippine law. This document is particularly important as it creates a paper trail for potential legal proceedings while giving the debtor a clear understanding of their obligations and options for resolution.
Suggested Sections

1. Letterhead and Date: Company letterhead, current date, and reference number of the collection letter

2. Recipient Information: Complete name and address of the debtor, account number, and other relevant identification details

3. Subject Line: Clear indication that this is a collection notice and the account status

4. Debt Information: Detailed breakdown of the outstanding debt, including principal amount, interest, penalties, and other charges as required by the Truth in Lending Act

5. Payment Demand: Clear statement of the total amount due and payment deadline

6. Payment Instructions: Specific instructions on how and where to make the payment, including acceptable payment methods

7. Contact Information: Company's contact details for queries or payment confirmation

8. Legal Disclosure: Required legal notices and statements under Philippine law regarding debt collection practices

Optional Sections

1. Settlement Offer: Include when authorized to offer a settlement or payment plan option to the debtor

2. Dispute Rights: Information about the debtor's right to dispute the debt, to be included in cases where required by law or company policy

3. Previous Communication Reference: Reference to prior collection attempts, included in follow-up letters

4. Legal Consequences: Warning about potential legal action, included in final notice letters

5. Rehabilitation Options: Information about debt restructuring or rehabilitation programs, included when such options are available

Suggested Schedules

1. Schedule A - Debt Calculation: Detailed breakdown of how the current debt amount was calculated, including principal, interest, and other charges

2. Schedule B - Payment History: Record of previous payments made and their application to the debt

3. Schedule C - Interest Calculation: Detailed explanation of interest charges and calculations

4. Appendix 1 - Supporting Documents: Copies of relevant documentation such as original credit agreement, statements, or bounced checks

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Banking and Financial Services

Retail

Telecommunications

Utilities

Healthcare

Education

Real Estate

Manufacturing

Distribution and Trading

Professional Services

Insurance

Consumer Goods

Relevant Teams

Credit Control

Collections

Finance

Legal

Risk Management

Accounts Receivable

Customer Service

Compliance

Treasury

Operations

Relevant Roles

Credit Manager

Collections Officer

Accounts Receivable Manager

Finance Director

Credit Control Specialist

Legal Counsel

Risk Manager

Financial Controller

Treasury Manager

Debt Recovery Specialist

Customer Service Manager

Compliance Officer

Credit Analyst

Business Development Manager

Industries
Republic Act No. 3765 (Truth in Lending Act): Requires disclosure of the true cost of borrowing and all relevant terms and conditions in credit transactions to protect borrowers
Republic Act No. 7394 (Consumer Act of the Philippines): Provides protection against unfair debt collection practices and establishes consumer rights in credit transactions
Republic Act No. 10175 (Cybercrime Prevention Act): Relevant for electronic communications in debt collection, protecting against harassment and ensuring proper digital communication methods
Civil Code of the Philippines (Republic Act No. 386): Governs obligations and contracts, including provisions on payment terms, interest rates, and remedies for breach of contract
BSP Circular No. 454: Guidelines on unfair collection practices, including prohibited practices in collecting debts and proper notification procedures
Republic Act No. 8484 (Access Devices Regulation Act): Relevant for credit card debts and electronic payment systems used in credit transactions
Republic Act No. 10173 (Data Privacy Act): Ensures protection of personal information in credit records and collection processes
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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