Fillable ACKNOWLEDGEMENT OF DEBT (Law for All South Africa)

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ACKNOWLEDGEMENT OF DEBT (Law for All South Africa)

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This is a written contract that states that one person owes another an amount of money. It also indicates how the debt
will be repaid.
(the address acts as the domicilium citandi et executandi)
(the address acts as the domicilium citandi et executandi)
THE CREDITOR
THE DEBTOR
Name & Surname:
Name & Surname:
ID Number:
ID Number:
Address:
Address:
ACKNOWLEDGEMENT OF DEBT
2.2. he/she is indebted to the Creditor and has an obligation to repay an outstanding debt amount of
R , and has agreed to an interest
rate of % per month / per annum from the date that the obligation becomes due and payable.
Insert amount in words
Day
Month
Year
Insert amount
Insert amount
Insert amount in words
3. REPAYMENT OF THE DEBT
3.1. in
instalments
of R p/m
3.2. over a period of months,
3.3. from the of 20 .
3.4.
3.5.
A
fterpaymentofthefirstinstalment,allfurtherinstalmentswillbepaideveryconsecutivemonth,onthesame
day of the month, until the outstanding debt amount has been repaid in full.
Payment must be made directly into the following Bank Account:
Bank:
Branch Code:
Account Holder:
Account Type:
Account Number:
The Debtor agrees to repay the outstanding debt amount:
2. THE DEBT
2.1. the debt arose due to the following facts and reasons:
The Debtor agrees and acknowledges that:
Initials
Initials
5. ADDITIONAL Ts & Cs
6. SIGNATURES
5.1. This document represents the entire agreement between the Creditor and the Debtor.
Signed at on of 20 .
The Creditor:
Witnesses: Witness 1
Witness 2
5.2. No changes in the terms, or obligation in terms of agreement (novation) or cancellation will have any effect,
unless made in writing and signed by both the Creditor and the Debtor.
5.3. All correspondence and legal notices will be served at the address nominated by the Creditor and the Debtor, as
domicilium citandi et executandi.
5.4. TheDebtorabandonsthebenetsoflegalexceptionofnovaluereceived,revisionofaccount,mistakesin
calculation of the outstanding amount, and no reason for obligation to repay the outstanding amount.
5.5. The Debtor agrees that he/she was fully aware of and understood all the terms and conditions set out in this
acknowledgement that, at its commencement.
4.3.
4.4.
4.5.
4. DEFAULT & FAILURE TO PAY
4.2.
4.1.
The Debtor agrees to repay
the outstanding debt amount.
Should the Debtor fail to honour the terms of this agreement by not making payment on the due date/s, the full
balance of the outstanding debt amount, as well as all legal costs becomes due and payable.
The Creditor will then proceed to demand immediate payment of the full balance of the outstanding debt amount,
and legal costs.
Should the Debtor fail to make immediate payment of the full balance of the outstanding debt amount, the
Creditor will proceed to apply for judgement in the relevant Magistrate’s Court.
The Debtor consents to judgement in favor of the Creditor, for the outstanding amount including all legal costs.
(S57 or S58 of the Magistrate’s Court Act 32 of 1944)
Signature
Signature
Signature
Place
Month
Day
Year
Signed at on of 20 .
Signature
Signature
Signature
DISCLAIMER
LAW FOR ALL cares about the legal rights
of South Africans, and have made it our goal to make the law affordable and accessible to all. This contract
template has been designed with you and protection of your rights in mind. Although we have taken every care to ensure that this document is accurate and
up to date with the law, it is important to remember that our law is constantly evolving and changing. We therefore cannot guarantee that the information
is without any errors or omissions. Our goal is to make the law affordable and accessible to all South African’s, and we’ve made this contract template
available to help you. LAW FOR ALL and its employees will under no circumstances accept liability for the consequences resulting from the use this
template. We believe that it’s important to always discuss legal matters with an attorney before making a decision or signing a document.
The Debtor:
Witnesses: Witness 1
Witness 2
Place
Month
Day
Year
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ACKNOWLEDGEMENT OF DEBT (Law for All South Africa)

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Completed 26 November 2021

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