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A demand letter for payment is a formal notice requesting payment from a debtor for an owed amount, with a specific deadline for payment. Typically used as a final warning before potential legal action, the letter serves multiple purposes: it alerts the debtor to possible legal consequences, documents the reason and amount owed, provides a written record for any future disputes, and can include an offer for a reduced settlement. The video tutorial reviews key information about payment demand letters and provides a free official template. It also emphasizes the importance of sending a demand letter to ensure clear communication and documentation in the collection process.
