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Letter before Action - Unpaid Loan

Demand for Immediate Payment

A letter before action relating to unpaid loan and a demand for immediate repayment by the Company.

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A letter before action relating to unpaid loan and a demand for immediate repayment by the Company.

1. By a term loan agreement dated (“Loan Agreement”) made between the Company (as borrower) and us (as lender), we have granted a loan in the amount of [AMOUNT] to the Company.

2. The Loan Agreement states that:

(a) Maturity date: [x] months from the drawdown date of [DATE].

(b) Interest rate: [RATE]% per annum. Default interest rate: [RATE]% per annum on the outstanding Loan.

3. The Company has, in breach of the Loan Agreement, failed to repay the Loan. In the circumstances, we hereby demands immediate repayment by the Company of the outstanding Loan plus interest in the sum of [AMOUNT].

4. The purpose of this letter is to inform you that, unless full repayment of the said sum of [AMOUNT is made to us (Bank account details) within [z] days of this letter by [DATE], proceedings will be issued against the Company without further notice.

 

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