Debt Acknowledgment Letter

Debt Acknowledgment Letter Template for Singapore

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Key Requirements PROMPT example:

"I need a Debt Acknowledgment Letter for a business debt of SGD 50,000 owed by my supplier, with monthly installment payments over 12 months starting from March 2025, including a 5% annual interest rate."

Document background

A Debt Acknowledgment Letter is a crucial document in Singapore's legal framework for debt management and recovery. It is typically used when a debtor needs to formally confirm an existing debt obligation, whether from a loan, unpaid services, or other financial arrangements. The document serves multiple purposes: it provides clear evidence of the debt, restarts the limitation period for debt collection, and can help establish payment terms. Under Singapore law, such acknowledgments must be in writing and signed to be legally effective, making them valuable tools for creditors in securing their rights to recover debts.

Suggested Sections

1. Date: Current date of acknowledgment

2. Creditor Details: Full name and address of the person/entity owed money

3. Debtor Details: Full name and address of the person/entity acknowledging the debt

4. Debt Amount: Specific amount owed, including currency

5. Original Debt Source: Description of how the debt arose

6. Acknowledgment Statement: Clear statement accepting the debt obligation

7. Signature Block: Space for debtor's signature and date

Optional Sections

1. Payment Terms: Details of how and when the debt will be repaid - include when parties agree on specific repayment arrangements

2. Interest Terms: Details of any interest applicable to the debt - include when interest is part of the debt arrangement

3. Witness Details: Name and signature of witness - include when additional verification is desired

Suggested Schedules

1. Payment Schedule: Detailed breakdown of payment installments if applicable

2. Supporting Documents: Copies of original debt documentation, invoices, or agreements

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok��˰� | 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
Small Business
Real Estate
Professional Services
Retail

Relevant Teams

Finance
Legal
Accounts
Credit Control
Treasury

Relevant Roles

Chief Financial Officer
Finance Manager
Credit Controller
Accounts Receivable Manager
Legal Counsel

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Let's create your Debt Acknowledgment Letter

Authors

Alex Denne

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