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A demand letter for payment is a formal notice requesting payment from a debtor for an outstanding amount, specifying a due date and serving as a final warning before potential legal action. This video tutorial covers key information about payment demand letters and provides access to a free official template. It emphasizes the importance of sending a demand letter, which not only alerts the debtor about possible legal consequences but also documents the reason for the demand, details the specific amount owed, and provides a written record for any future legal disputes. Additionally, it can be used to propose a reduced settlement as an incentive for payment. The demand letter should adhere to specific guidelines.
