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Acknowledgment of Debt

Acknowledgment of Debt

Instructions: Fields marked with * are required. Please fill out all information as accurately as possible to ensure your document is correctly generated.

Contact Information

Full Name *

Email Address *

Company Name

Optional

Parties

Debtor's Full Legal Name? *

Enter the full legal name of the person or business entity that owes the money.

Debtor's ID Number / Company Reg No? *

Provide the Debtor's South African ID number (for individuals) or the Company/CC Registration Number (for businesses). Essential for identification.

Debtor's Physical Address (for notices)? *

The Debtor's chosen physical address where official legal notices regarding this debt can be delivered (domicilium citandi et executandi).

Creditor's Full Legal Name? *

Enter the full legal name of the person or business entity to whom the money is owed.

Creditor's ID Number / Company Reg No? *

Provide the Creditor's South African ID number (for individuals) or the Company/CC Registration Number (for businesses).

Creditor's Physical Address (for notices)? *

The Creditor's chosen physical address where official legal notices regarding this debt can be delivered (domicilium citandi et executandi).

Debt Details

Total Amount Owed (ZAR)? *

State the exact total amount of money (in ZAR) that the Debtor acknowledges owing to the Creditor as of the date of this agreement.

Reason for the Debt? *

Select the primary reason the debt arose. 'Personal Loan' is between individuals/friends. 'Unpaid Services' means work was done but not paid for. 'Unpaid Goods' means items were delivered but not paid for.

Personal Loan

Unpaid Services Rendered

Unpaid Goods Sold

Other

Original Date Debt Was Incurred (approximate if needed)?

Optional, but helpful. Enter the approximate date the original obligation arose (e.g., when the loan was given, the final service invoice date, etc.).

Repayment Plan

How will the debt be repaid? *

How will the debt be paid back? 'Single Lump Sum' means one full payment. 'Regular Installments' means multiple smaller payments over time.

Single Lump Sum

Regular Installments

Other

If Lump Sum, what is the final due date?

If repaying in a Single Lump Sum, enter the exact date by which the full payment must be made.

If Installments, what is the amount per installment (ZAR)?

If repaying in Regular Installments, enter the fixed amount (in ZAR) to be paid in each installment.

If Installments, how often are payments due?

If repaying in Installments, select how often the payments are due (e.g., every week, every month).

Weekly

Monthly

Bi-Monthly

If Installments, what is the date of the first payment?

If repaying in Installments, enter the date the *very first* installment payment is due.

Additional Terms

Will interest be charged on the outstanding debt or overdue payments? *

Will interest be added to the debt? Select 'Yes' if interest will accrue on the outstanding amount or on overdue payments. Select 'No' if only the principal debt amount is to be repaid.

Yes

If yes, specify the interest rate and how it's calculated:

If 'Yes' to interest, be very specific: State the interest rate (e.g., '10% per annum', 'Prime lending rate plus 2%'). Specify how it's calculated (e.g., 'calculated monthly on the outstanding balance', 'calculated only on amounts in arrears'). Clarity prevents disputes.

Is any security (collateral) provided for this debt? *

Did the Debtor provide any collateral (an asset or guarantee) to secure the repayment of this debt?

Yes

If yes, describe the security provided:

If 'Yes' to security, describe the collateral clearly (e.g., 'A personal suretyship signed by [Surety Name]', 'Registration of a Notarial Bond over vehicle [Vehicle Details]', 'Pledge of [Asset Description]').

What are the agreed consequences if the Debtor fails to pay as agreed (defaults)? *

Select what actions the Creditor is entitled to take if the Debtor fails to make payments as agreed in this document. 'Claim full balance' (acceleration clause) is common. Liability for legal costs is also standard.

Creditor may claim the full outstanding balance immediately

Creditor may take legal action to recover the debt

Creditor may enforce any security provided

Debtor liable for legal costs on attorney-client scale

Other

Legal

How should disputes regarding this agreement be resolved? *

How will disagreements *about this acknowledgment agreement itself* be handled? Negotiation is informal. Mediation uses a neutral helper. Arbitration is a binding decision outside court. Court refers to the formal legal system.

Negotiation between parties

Mediation

Arbitration

Jurisdiction of the Magistrate's Court

Governing Law? *

Confirms that South African law applies to this agreement. Keep as 'Republic of South Africa'.

South Africa

Date this Acknowledgment is Signed? *

The date this Acknowledgment of Debt agreement is signed by the parties.

Important Disclaimer:

By submitting this form, you acknowledge that the document will be generated using AI technology and must be reviewed by a qualified legal professional before use. See our Terms of Service for details.

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