Name & Address of party written to
Dear Sir or Madam:
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 would be delighted to consider working out a payment plan if you, and with your persuasive powers with the debtor, need to do so separately or together.
Please note that while we would like to discuss this matter with you in depth we are obligated by law to inform you any information received will be used to collect this debt.
As you undoubtedly know, the attached guarantee provides for our being able to collect our legal and collection costs in this matter. Therefore, it is in your interest to pay us immediately, cause us to be paid by the original debtor, or work out a solid payment plan immediately.
Please contact us immediately to advise us of whether you will pay the demand in full or request another payment plan. If we do not hear from you in 15 days, we will be forced to place this for collection in the first of several steps to reduce this debt to a Court Judgment to be enforced against the original debtor and yourself.
You can reach us at the above number on the letterhead.
Yours very truly,
Authorized Employee or Individual
cc Original Debtor or Debtors