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Money Recovery Letter

Money Recovery Letter Template for Philippines

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Key Requirements PROMPT example:

Money Recovery Letter

"I need a Money Recovery Letter to recover PHP 250,000 from a construction contractor who hasn't completed agreed works but received advance payment in January 2025; the letter should include payment installment options and a 30-day deadline."

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Document background
The Money Recovery Letter is a crucial document in the Philippine legal framework for debt collection and financial dispute resolution. It serves as a formal demand for payment and is typically used when informal attempts to collect payment have been unsuccessful. This document is essential before initiating legal proceedings in Philippine courts and must comply with local laws, including the Civil Code of the Philippines and relevant banking regulations. The letter should clearly state the amount owed, provide supporting documentation, and give the debtor a reasonable period to respond or pay. It's particularly important as it creates a paper trail and can serve as evidence in future legal proceedings. The Money Recovery Letter should be drafted carefully to include all necessary elements while maintaining a professional tone that leaves room for amicable resolution.
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, address, and contact information of the debtor

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

5. Debt Details: Specific amount owed, date of original transaction, and any relevant reference numbers

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

7. Legal Basis: Reference to the underlying agreement or circumstance creating the debt obligation

8. Demand Statement: Clear statement of demand for payment, including the total amount and deadline

9. Payment Instructions: Specific details on how and where to make the payment

10. Closing Statement: Statement regarding potential legal action if payment is not received by the deadline

Optional Sections

1. Interest Calculation: Include when claiming interest on the outstanding amount, showing detailed calculations

2. Previous Communications: Reference to prior attempts to collect the debt, including dates and methods of contact

3. Settlement Options: Include when willing to discuss payment plans or settlement arrangements

4. Third Party Authorization: Include when the letter is sent by a authorized representative or collection agency

5. Dispute Resolution: Include when offering alternative dispute resolution methods before legal action

6. Business Relationship Statement: Include when there's an ongoing business relationship to maintain

Suggested Schedules

1. Schedule A - Original Agreement: Copy of the contract, invoice, or document establishing the debt

2. Schedule B - Statement of Account: Detailed breakdown of the debt, including principal, interest, and any penalties

3. Schedule C - Payment Records: Documentation of any partial payments made and remaining balance

4. Schedule D - Communication Records: Copies of previous correspondence regarding the debt

5. Schedule E - Supporting Documents: Any additional evidence supporting the claim (receipts, delivery notes, etc.)

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 & Finance

Legal Services

Retail

Manufacturing

Construction

Professional Services

Healthcare

Education

Real Estate

Technology

Telecommunications

Transportation & Logistics

Wholesale Trade

Consumer Services

Business Services

Relevant Teams

Legal

Finance

Accounts Receivable

Credit Control

Treasury

Risk Management

Corporate Secretariat

Collections

Compliance

Administrative

Relevant Roles

Credit Controller

Collections Manager

Financial Manager

Accounts Receivable Specialist

Legal Counsel

Corporate Lawyer

Finance Director

Chief Financial Officer

Credit Risk Manager

Business Owner

Accounts Manager

Treasury Manager

Debt Recovery Specialist

Company Secretary

Financial Controller

Industries
Civil Code of the Philippines (Republic Act No. 386): Primary law governing civil obligations, contracts, and debt relationships between parties. Particularly relevant are Book IV on Obligations and Contracts, and provisions on demand letters and default.
Rules of Court of the Philippines: Procedural rules that may become relevant if the money recovery case proceeds to litigation, particularly Rules 1-4 on general provisions and Rules 39-41 on execution and satisfaction of judgments.
Consumer Act of the Philippines (Republic Act No. 7394): Regulates debt collection practices and protects consumers from unfair collection methods, particularly relevant if the debt involves consumer transactions.
Truth in Lending Act (Republic Act No. 3765): Relevant if the money to be recovered involves a loan, requiring full disclosure of credit terms and conditions.
New Central Bank Act (Republic Act No. 7653): Contains provisions relevant to monetary obligations and banking transactions, particularly important if the recovery involves banking institutions.
Corporation Code of the Philippines (Batas Pambansa Blg. 68): Relevant if either party is a corporation, governing corporate obligations and liabilities.
Statute of Limitations (Civil Code Articles 1139-1155): Prescriptive periods for filing claims for money recovery, which must be considered when making a demand.
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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