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  • iLawyer

    [THE ONLINE DOCUMENT BUILDER]

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Generate your own legal
Acknowledgement of Debt
document online now and set the terms of repaying money owed.

25 Minutes to complete      Pay R599 online      Customised legal document emailed to you.

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Frequently Asked Questions

What is an Acknowledgement of Debt contract?

An Acknowledgment of Debt is a contract that both a debtor and creditor sign acknowledging that a debtor owes the creditor money.  The contract includes information like how much money is owing and how the money will be paid.

It also allows the creditor a faster route to Court if payments are not made on time and it gives the debtor certainty if they pay on time.

What types of terms are in this Acknowledgement of Debt Contract ?

iLawyer’s Acknowledgement of Debt Contract is very flexible and will protect the Creditor; it contains some of the following terms:

  • Legal costs and interest – Usually there will be a term related to how interest and legal costs will be paid to the creditor.
  • Payment terms and period – the duration for payment and the instalment values are included in the Acknowledgment of Debt.
  • Breach – a breach clause explaining how a breach of the payment terms can be dealt with by the creditor.
  • Acceleration Clause – if the debtor fails to make a payment on time, the whole outstanding amount will become payable immediately.  This is intended to avoid the need to start a new legal action for every payment missed (which is required if there is no acceleration clause); to rather bring one legal action for the whole debt should the need arise.
  • Acknowledgement – the contract will contain a format acknowledgement of the debt by the debtor to the creditor.

How do I get an Acknowledgement of Debt contract?

You can make an Acknowledgement of Debt contract with iLawyer right now.

Click the CREATE DOCUMENT NOW button at the top of this page to start building your quality personalised Acknowledgement of Debt contract.

Then, complete our Online Questionnaire, make payment, and your customised Acknowledgement of Debt contract will be emailed to you within 30 minutes.

What is a "liquid document"?

A “liquid document” is a document that clearly shows the amount of money owed or that makes it easy to work out the money owed.

A “liquid document” shows a liquidated sum of money.

Examples of a liquid document would be a cheque, promissory note, acknowledgement of debt.

A “liquid document” allows the creditor a faster route to Court because the amount of money owed is generally easier to prove and harder to dispute.

Is an Acknowledgement of Debt a "liquid document"?

Yes

Is an "Acknowledgement of Debt contract" the same as an "Acknowledgement of Debt Agreement"?

Yes

How do Acknowledgement of Debt contracts work?

The contract contains the rights and obligations of the parties.  If a party does not honour the terms of the contract the aggrieved party can approach a Court for relief; because an Acknowledgement of Debt is a “liquid document” the aggrieved party (in this case, the creditor) has a faster route to Court to get relief.

Do I need an Acknowledgement of Debt contract?

If you are owed money and you want the security of a contract that governs the repayments of your money, you need an Acknowledgement of Debt.

It also allows the creditor a faster route to Court if payments are not made on time and it gives the debtor certainty if they pay on time.

Is an Acknowledgement of Debt contract legally binding?

If the document is signed, it is legally binding and valid.

What happens if an debtor breaks an Acknowledgement of Debt contract?

If a debtor breaks (or breaches) an Acknowledgement of Debt contract they expose themselves to legal remedies and relief.  In the case of an Acknowledgement of Debt contract, the main breach of contract is a failure to pay on time or at all.

The remedies need to be enforced by a Court.  

Because an Acknowledgement of Debt is a “liquid document” the creditor has a faster route to Court to get relief.

Can an Acknowledgement of Debt contract be signed electronically?

Yes.

iLawyer’s Acknowledgement of Debt contract contains a clause that confirms the document can be signed in one or more “counterparts”.  This means the parties to the agreement can sign it separately and send each other copies of their signed contract by email.

Do you need a lawyer for an Acknowledgement of Debt contract?

No, there is no legislation or legal requirement that a Lawyer drafts or prepares an Acknowledgement of Debt contract.

 

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