A Debt Collection Letter is a legal instrument used by financial institutions and private lenders to request the payment of the debt from the borrower.
Often used as the last warning to the borrower who may have avoided communication with their creditor, this document can be prepared before the non-breaching party decides to take further action and file a lawsuit against the person who could not prevent the default. You may add your bank account information to the letter to let the debtor pay you right away and prevent further issues.
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