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A demand letter for payment is a formal notice requesting that a debtor pay the owed amount by a specific date. It serves as a final warning before potential legal action. This video tutorial covers essential information about payment demand letters and provides access to a free official template. The importance of sending such a letter includes notifying the debtor of the last attempt to collect, alerting them to possible legal consequences, documenting the reason for the demand, specifying the exact amount owed, and maintaining a written record for any future legal disputes. Additionally, it can serve to offer a reduced settlement as an incentive for payment.
