Debt Recovery Letter
[Insert Your Name and Address]
You were to have paid the amount of $[Insert amount] (the “Debt”) to me on [Insert date] and this Debt remains outstanding despite my requests for payment. The Debt relates to:
[Insert reason for debt]
Without prejudice to my rights for full recovery of the Debt, I am prepared to accept the amount of $[Insert amount] as full and final settlement of the Debt if paid within [insert number] days from the date of this letter.
Please note that if I have to commence legal proceedings in order to secure repayment of the debt owing, this letter will be tendered in court as evidence of your failure to attempt to resolve this matter. Further, you may be liable for any court costs, lawyer fees and damages, including punitive damages.
You might want to contact a lawyer to discuss your legal rights and responsibilities.