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Debt Claim Letter

Debt Claim Letter Template for Philippines

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Key Requirements PROMPT example:

Debt Claim Letter

"I need a Debt Claim Letter for an overdue business invoice of PHP 250,000 issued to a manufacturing company in Manila, with the debt being 90 days overdue and two previous payment reminders already sent; the letter should emphasize urgency and mention potential legal action."

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Document background
The Debt Claim Letter is a crucial document in Philippine debt collection practices, serving as a formal demand for payment and often a prerequisite before initiating legal proceedings. It must comply with Philippine civil law requirements and Central Bank regulations regarding debt collection and interest charges. This document is typically used when informal collection attempts have been unsuccessful and the creditor needs to escalate the matter. The letter should include specific details about the debt, payment history, current amount due including any legitimate interest charges, and a reasonable timeframe for payment. It must be drafted carefully to ensure it meets legal requirements while maintaining professionalism and avoiding any elements that could be construed as harassment under Philippine consumer protection laws.
Suggested Sections

1. Sender's Details: Complete name, address, and contact information of the creditor or their representative

2. Date: Current date of the letter

3. Recipient's Details: Complete name and address of the debtor

4. Subject Line: Clear indication that this is a formal demand for payment

5. Debt Details: Specific amount owed, origin of the debt, and date when it was incurred

6. Payment History: Summary of any partial payments made and remaining balance

7. Demand Statement: Clear statement of demand for payment, including the total amount due

8. Payment Terms: Specified timeframe for payment and acceptable payment methods

9. Closing: Professional closing statement with contact information for response

Optional Sections

1. Previous Communications: Reference to prior attempts to collect the debt or previous correspondence

2. Interest Calculation: Detailed breakdown of interest charges if applicable

3. Legal Consequences: Statement of potential legal action if payment is not received

4. Settlement Options: Proposed payment arrangements or settlement options if the creditor is willing to negotiate

5. Third Party Authorization: If the letter is sent by a collection agency or legal representative, include authorization details

Suggested Schedules

1. Statement of Account: Detailed breakdown of the debt, including principal, interest, and other charges

2. Proof of Debt: Copies of relevant contracts, promissory notes, or other documents establishing the debt

3. Payment History Record: Detailed record of all payments made and dates

4. Interest Calculation Sheet: Detailed computation of interest charges if applicable

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

Financial Services

Legal Services

Real Estate

Retail

Manufacturing

Construction

Healthcare

Education

Professional Services

Small and Medium Enterprises

Telecommunications

Utilities

Insurance

Relevant Teams

Legal

Finance

Credit Control

Accounts Receivable

Collections

Risk Management

Compliance

Treasury

Corporate Secretariat

Business Operations

Relevant Roles

Credit Manager

Collections Officer

Finance Director

Accounts Receivable Specialist

Legal Counsel

Corporate Lawyer

Finance Manager

Credit Control Officer

Business Owner

Financial Controller

Debt Recovery Specialist

Treasury Manager

Risk Manager

Compliance Officer

Industries
Civil Code of the Philippines (Republic Act No. 386): Provides the basic framework for civil obligations, contracts, and debt relationships, including provisions on payment, default, and remedies available to creditors
Rules of Court of the Philippines: Sets forth the procedures for filing civil cases, including collection cases, and the requirements for demand letters as prerequisites to legal action
Truth in Lending Act (Republic Act No. 3765): Mandates disclosure requirements for credit transactions, including the disclosure of interest rates and other charges
Usury Law (Act No. 2655): Although largely superseded by Central Bank regulations, still provides basic principles on interest rates and charges in loan transactions
Consumer Act of the Philippines (Republic Act No. 7394): Protects consumers from unfair debt collection practices and requires clear disclosure of terms in credit transactions
Central Bank Circular No. 799, Series of 2013: Provides guidelines on interest rates and charges that can be imposed on loans and other credit transactions
Data Privacy Act of 2012 (Republic Act No. 10173): Governs the handling of personal information in debt collection processes and communications
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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