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A demand letter for payment is a formal request from a collector to a debtor asking for payment of an owed amount by a specific date. It serves as a final warning before legal action may be pursued. In the video, essential information about these letters is reviewed, including the importance of sending one. The letter alerts the debtor to potential legal consequences, records the payment reason, specifies the amount owed, sets a due date, and provides written documentation for future legal disputes. Additionally, it can be used to propose a reduced settlement as an incentive. The video also mentions where to obtain a free and official template for a demand letter.
