The Notice of Debt Recovery is a crucial document in Singapore's debt collection process, serving as the first formal step in recovering outstanding debts. It is typically issued when informal attempts to collect payment have been unsuccessful. The notice must detail the debt's origin, amount owed (including any interest or penalties), payment history, and provide a reasonable timeframe for settlement. Under Singapore law, this document must be carefully drafted to ensure compliance with the Limitation Act, Civil Law Act, and debt collection regulations. The notice also serves as important evidence should legal proceedings become necessary.
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1. Creditor Details: Full legal name, registration number, and contact information of the creditor
2. Debtor Details: Full legal name, identification/registration number, and last known address of the debtor
3. Debt Information: Details of the original debt, current amount owed, interest accrued, and payment history
4. Payment Demand: Clear statement of the total amount demanded and payment deadline
5. Legal Basis: Reference to the underlying contract or basis of debt, including relevant dates
1. Payment History: Detailed breakdown of previous payments and defaults, included when there is a history of partial payments
2. Interest Calculation: Detailed breakdown of interest charges and calculation method, included when claiming interest
3. Settlement Options: Alternative payment arrangements or settlement proposals, included when the creditor is open to negotiation
4. Legal Consequences: Description of potential legal actions if payment is not received, included when escalation is being considered
1. Statement of Account: Detailed breakdown of all transactions, payments, interest charges and current balance
2. Original Contract: Copy of the agreement or documentation giving rise to the debt
3. Payment Records: Evidence of previous payments made and/or missed payments
4. Interest Calculation Schedule: Detailed schedule showing how interest has been calculated and applied
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