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Paid In Full Letter From Debt Collector

Paid In Full Letter From Debt Collector Template for Malaysia

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Paid In Full Letter From Debt Collector

"I need a Paid In Full Letter From Debt Collector confirming settlement of a consumer credit card debt of RM 25,000, which was paid in full on January 15, 2025, through a bank transfer to ABC Collection Agency, with specific mention that this will be reported to CCRIS as fully settled."

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Document background
The Paid In Full Letter From Debt Collector is a critical document in Malaysian debt collection practices, issued when a debtor has successfully satisfied their debt obligations in full. This document is required under Malaysian law, particularly the Debt Collectors Act 2010 and related financial services regulations, to formally acknowledge the complete settlement of a debt and release the debtor from further obligations. The letter serves multiple purposes: it provides the debtor with official confirmation that their debt has been settled, protects them from future collection attempts on the same debt, and creates a clear record for both the collection agency and original creditor. It typically includes specific details about the original debt, payment confirmation, and explicit release language, making it an essential document for both legal compliance and proper record-keeping in debt collection processes.
Suggested Sections

1. Letterhead and Date: Debt collection agency's official letterhead, including license number, contact information, and current date

2. Debtor Information: Full name, address, and reference number of the debtor

3. Original Creditor Details: Name of the original creditor and original account/reference number

4. Debt Information: Original debt amount, account numbers, and any relevant reference numbers

5. Payment Confirmation: Confirmation of the final payment amount received and date of receipt

6. Settlement Statement: Clear statement that the debt has been paid in full and the account is settled

7. Release Statement: Statement releasing the debtor from any further obligations related to this debt

8. Authorization: Signature block with name and title of authorized representative from debt collection agency

Optional Sections

1. Payment Method Details: Include when specific payment method information needs to be referenced, such as check numbers or bank transfer details

2. Settlement Terms: Include when the settlement involved specific terms or conditions, such as installment payments or negotiated amounts

3. Credit Reporting Statement: Include when addressing how the settlement will be reported to credit bureaus

4. Tax Implications Notice: Include when the settlement amount forgiven may have tax implications for the debtor

5. Future Communication: Include when specific instructions about future communications or account closure procedures are necessary

Suggested Schedules

1. Payment Receipt: Copy of the final payment receipt or transaction confirmation

2. Original Debt Documentation: Summary of the original debt agreement or account statements

3. Settlement Agreement: If applicable, copy of any settlement agreement that preceded the final payment

4. Payment History: Summary of payments made leading to the final settlement, if relevant

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 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

Financial Services

Banking

Credit Services

Debt Collection

Consumer Finance

Commercial Lending

Legal Services

Retail Banking

Insurance

Telecommunications

Relevant Teams

Legal

Collections

Credit Control

Account Recovery

Risk Management

Compliance

Customer Relations

Finance

Operations

Accounts Receivable

Relevant Roles

Debt Collection Manager

Credit Control Officer

Collections Specialist

Legal Compliance Officer

Account Recovery Specialist

Financial Services Manager

Credit Manager

Recovery Operations Manager

Legal Officer

Customer Relations Manager

Accounts Receivable Manager

Risk Management Officer

Industries






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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