Acknowledgment of Debt

25 Mar 2022

A Debt Acknowledgment is a document signed by one primary party, the debtor, as an acknowledgment of a specific amount of money owed to another party, the creditor. A Debt Acknowledgment Form is usually quite a short document, containing only the basic and required facts about the parties’ transaction and the monies owed.

A Debt Acknowledgment Form contains the names of the two parties, the amount of money owed, an acknowledgment that there are no defences to the money owed, and a date by which the money will be paid back.

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Article sourced from Legal&Tax.

See also:

• Is an acknowledgment of debt regulated by the National Credit Act?
• The National Credit Act and reckless lending
• The in duplum rule – How far does it go? Is it limited to credit agreements or not?
• Home repossession

(This article is provided for informational purposes only and not for the purpose of providing legal advice. For more information on the topic, please contact the author/s or the relevant provider.)