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A demand letter for payment is a formal notice that requests a debtor to pay a specified amount owed by a certain deadline. It serves as a final warning before potential legal action. This video tutorial reviews key aspects of demand letters, including their importance. Sending a formal demand letter alerts the debtor of possible legal consequences, provides a documented reason for the claim, specifies the exact amount owed, and sets a payment due date. It also serves as written evidence for any future legal disputes and can suggest a reduced settlement as an incentive for immediate payment. The video will also provide information on where to find a free official template for crafting demand letters.
