The Bad Debt Collection Letter is a crucial document in Singapore's debt recovery process, typically issued when regular payment reminders have failed to secure payment. It serves as a formal demand for payment and often precedes legal action. The letter must comply with Singapore's strict regulations regarding debt collection practices, including the Protection from Harassment Act and Banking Act guidelines. This document should clearly state the debt amount, payment terms, and deadline while maintaining a professional tone that avoids any threatening language or harassment.
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1. Recipient Details: Full name, address, and reference number of the debtor
2. Debt Details: Original amount, current balance, interest, payment history
3. Payment Demand: Clear statement of amount due and payment deadline
4. Legal Basis: Reference to underlying agreement or basis for debt
5. Payment Instructions: How and where to make payment
1. Previous Communication Reference: Reference to prior attempts at collection, used when following up
2. Settlement Offer: Optional reduced payment offer, used for long-standing debts
3. Legal Consequences: Warning of potential legal action, used in final notices
1. Statement of Account: Detailed breakdown of debt composition and calculation
2. Original Agreement: Copy of contract or agreement that led to the debt
3. Payment History: Record of previous payments and attempts at collection
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