Guarantor, Final Letter trying to Collect
Date:
Name & Address of party written to
Dear Sir or Madam:
We wrote you 3 weeks ago notifying you we are the holder of your Guaranty of the debts and obligations of _____________ (Name of Person) whose debts are being Guaranteed ("Debtor") to us in the amount of $_____________________, a copy of which is enclosed.
The Debtor has defaulted in payment to us. In accordance with the terms of the Guaranty, we hereby demand payment in full of the outstanding debt in the amount $_________________________, together with interest thereon at the rate of ___ Interest as provided for in the Agreement, from this date forward.
We are sorry the matter has reached this stage but find no alternative since we are unable to collect these funds from the debtor. We were willing to discuss payment plans but you did not respond to our offer. Therefore, we are now required to turn this matter over to our collection attorney, an expensive matter for you since our attorney will be paid for by you, per the attached guarantee.
Please note we are obligated by law to inform you any information received will be used to collect this debt.
If you wish to reconsider your position, and avoid additional legal, interest, and penalty charges, and they will mount up fast, please contact us immediately.
If we do not hear from you in 10 days, we turn this over for to our lawyer to reduce this debt to a Court Judgment to be enforced against the original debtor and yourself.
Yours very truly,
_____________
Authorized Employee or Individual
cc Original Debtor or Debtors
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