Acknowledgement of debt

Complete and submit your forms online directly to AJS Law – quick, hassle-free legal assistance at your fingertips!

Acknowledgement of Debt

"*" indicates required fields

1. The Debtor

(The party who owe money)

Your Name*

Identity Number:*

Cellphone number:

E-mail Address:

Your Address*

Street Address Address Line 2 City Postal Code Country

(hereinafter referred to as the “Creditor”)

2. The Creditor

(The party to whom money is owed)

Your Name*

Identity Number:*

Cellphone number:

E-mail Address:

Your Address*

Street Address Address Line 2 City Postal Code

(hereinafter referred to as the “Debtor”)

3. The Debt

3.1 The Debtor agrees and acknowledge that the debt arose as a result of*

3.2 The Debt is an amount of*

(hereinafter referred to as the “Principal Debt”)

3.3 The Principal Debt shall bear interest at*

% per annum.

4. Repayment of Debt

4.1 The debtor agrees to repay the debt in instalments of*

per month

4.2 The first instalment will be paid on*

and thereafter on the first day of each consecutive month until the full debt plus interest has been paid in full.

Payment of the purchase price must be effected in the following bank account without setoff or deduction:

Bank Account Name:

Bank:

Account Number:

Branch Name:

Branch Number:

5. Default and failure to repay

If the debtor fail to make payment of on the due date the full outstanding amount together with legal costs becomes due and payable where after the Creditor may issue summons therefor in any competent court without further notice or demand to the Debtor.

6. General

6.1 The Debtor hereby expressly renounces the benefits of the non causa debiti, the errore calculi, the revision of accounts, no value recorded.
6.2 The Debtor agrees to the jurisdiction of the Magistrate’s Court in terms of section 45 of Magistrates’ Court Act 32 of 1944 for the recovery of any amount due in terms hereof.
6.3 The Principal Debt shall become due and payable immediately in the event of the insolvency or liquidation of the Debtor, or if the Debtor commits an act of insolvency.
6.4 The Creditor may allocate any payment to capital, interest, costs or any other item as he deems fit despite any allocation made or deemed to be made by the Debtor.
6.5 The debtor shall not be entitled for any reason whatsoever to withhold or defer payment stipulated for in this acknowledgement of debt.
6.6 The Debtor shall be at liberty to pay any portion of the Principal Debt and finance charges before the due date thereof without derogating from any right he may have in terms hereof.

Signed at:

Place

Day of

Witness 1 Signature:

Witness 2 Signature:

Debtor Signature:

Signed at:

Place

Day of

Witness 1 Signature:

Witness 2 Signature:

Creditor Signature:

AJS Law Inc strive to make law affordable and accessible to the general public of South Africa. As a result, we have created documents and contracts for use at no charge. We have taken care to ensure that the documents are up to date with applicable legislation on date of publication, however, as the law changes regularly we cannot guarantee that the information contained herein is without error. It is important to note that this document or the content thereof does not constitute legal advice and AJS Law accept no right or liability from the use thereof. The user of this document waives any and all claims against AJS Law for any loss or damages incurred when using the document or if any information contained herein becomes outdated over time. We suggest you contact one of our professional staff for legal advice or direction.

Contact Details

Tel: 021 824 2024
Email : info@ajslaw.co.za
Address:
22B Church Street, Durbanville, Cape Town, 7550

Postal Address:
PO Box 4700, Durbanville, 7551
Docex: 3 Durbanville

Company Registration Number 2019/017663/21