The Loan Forgiveness Letter Template is designed for use in Singapore when a lender decides to formally cancel a borrower's debt obligations. This document is particularly relevant during financial hardship, debt restructuring, or as part of broader financial arrangements. It must adhere to Singapore's legal framework, including the Contracts Act and relevant banking regulations. The template includes essential elements such as party identification, loan details, forgiveness terms, and tax implications. It can be used for various scenarios, from personal loans to corporate debt forgiveness, and provides legal protection for both parties by clearly documenting the terms of the debt cancellation.
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1. Date: Current date of the letter
2. Sender Details: Full name and address of the lender, including any relevant registration or license numbers
3. Recipient Details: Full name and address of the borrower, including any reference numbers
4. Loan Reference: Original loan details including date, amount, and any reference numbers
5. Forgiveness Declaration: Clear and unambiguous statement of debt forgiveness
6. Amount Forgiven: Specific amount being forgiven, stated in numbers and words
7. Effective Date: When the forgiveness takes effect
8. Signature Block: Space for signatures, names, titles, and dates for both parties
1. Tax Acknowledgment: Statement acknowledging potential tax implications of the debt forgiveness
2. Partial Forgiveness Terms: Details of any remaining obligations and payment terms if only part of the loan is being forgiven
3. Conditions: Any conditions that must be met for the forgiveness to take effect
4. Witness Section: Space for witness details and signatures when formal witnessing is required
1. Original Loan Agreement: Copy of the original loan documentation as reference
2. Payment History Schedule: Detailed record of payments made to date and remaining balance
3. Tax Documentation: Any relevant tax forms or documentation required by tax authorities
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