[Your Name] [Your Address] [City, State, Zip Code] [Email Address] [Phone Number] [Date] [Guarantor's Name] [Guarantor's Address] [City, State, Zip Code] Subject: Demand for Payment as Guarantor — Account No: [Account Number] Dear [Guarantor's Name], I hope this letter finds you well. I am writing to you as the guarantor of the debt owed by [Debtor's Name] in relation to their account with [Creditor's Name]. As per the terms and conditions of the guarantee agreement, you have assumed the responsibility to fulfill the financial obligations of the debtor should they default. Regrettably, it has come to my attention that [Debtor's Name] has failed to make the required payments as stipulated in their agreement with [Creditor's Name]. Despite multiple attempts to communicate with [Debtor's Name] and provide them with opportunities to rectify their outstanding debt, the situation remains unresolved. According to the details provided by the creditor, the current outstanding balance owed by [Debtor's Name] amounts to $[Amount]. This unpaid amount includes the principal debt, accrued interest, and any applicable fees or charges as per the agreement. I have attached a copy of the statement provided by the creditor for your reference. As the guarantor, you are legally bound by the terms of the guarantee agreement to fulfill the debtor's obligations to the creditor. Therefore, I hereby demand that you immediately settle the outstanding debt owed by [Debtor's Name] to [Creditor's Name] in full, which amounts to $[Amount]. We request payment to be made within [Specify Timeframe, e.g., 14 days] from the date of this letter. Failure to comply with this demand will leave us with no choice but to pursue all available legal remedies to recover the debt, which may include filing a lawsuit against you to enforce your obligations as guarantor. Such legal actions can result in additional costs and may negatively impact your credit rating. We strongly advise you to consider this matter seriously and fulfill your obligations as a guarantor promptly. To facilitate the payment process, I kindly request that you contact me as soon as possible at [Your Phone Number] or [Your Email Address] to arrange the necessary payment method. Additionally, if you have any concerns or wish to discuss the matter further, please do not hesitate to reach out. We sincerely hope that it does not come to legal action, as it is always our preference to resolve matters amicably. Your immediate attention to this matter is greatly appreciated, and we anticipate a prompt resolution. Thank you for your prompt action. Yours sincerely, [Your Name] Enclosure: Copy of Creditor's Statement.
West Virginia Sample Letter for Demand on Guarantor
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How to fill out West Virginia Sample Letter For Demand On Guarantor?
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FAQ
How to write a demand letterEstablish facts. Don't assume everyone knows the facts.Refer to evidence. If there's evidence (like a contract), you don't need to include it, but you should refer to it.Make a demand. Be specific as to what you want.Set a deadline and establish method of payment.Offer a consequence.
To write a guarantor letter, start by writing the date at the top of the paper, followed by your full name and address. Below your information, address the letter to the company you're dealing with and begin the letter by identifying yourself and the person you're guaranteeing.
Again, many individuals and businesses use email almost exclusively now and it's fine to email all communication as long as you receive a response. If you don't, be sure to send the letter by certified mail.
Frequently Asked Questions (FAQ)Type your letter.Concisely review the main facts.Be polite.Write with your goal in mind.Ask for exactly what you want.Set a deadline.End the letter by stating you will promptly pursue legal remedies if the other party does not meet your demand.Make and keep copies.More items...
The demand letter should include the following information:the purpose of the letter.the parties involved.the date/time of the grievance.a description of any and all damages incurred by the writer.the demand for restitution2.
Although an attorney often writes the demand letter, you can also do it yourself in several cases: If you want to sue someone in small claims court. If you have a fairly simple legal issue and you want to go through the process yourself, without an attorney.
A guarantor's form should include a space to fill in the home address, work address, phone number, and email address. The contact details are what will be used to contact the guarantor in the future if the principal fails to meet agreement terms. This is a very important feature of the guarantor's form.
One example of a guarantor could occur when someone who is under 21 applies for a credit card but is unable to provide proof that they are capable of making minimum payments on the card. The card company may require a guarantor, who becomes liable for repaying any charges on the credit card.
You can write a letter of demand yourself to request money owed to you, without requiring a lawyer. Using a letter of demand is an important formal first step to take to recover money owed to you. You can write a letter yourself without the aid of a lawyer to save money.
A letter of demand states how much the business owes you, what for and when they need to pay the invoice by. It may also include a warning that you'll consider legal action if the debt is not paid by a particular date.
