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A demand letter for payment is a formal notice requesting a debtor to pay an owed amount by a specific date, often serving as a final warning before legal action may be taken. This video tutorial reviews critical information about payment demand letters, including where to obtain a free official template. The importance of sending a demand letter lies in its function as a last attempt to collect debts while also alerting the debtor to potential legal consequences. It documents the reason for the demand, specifies the amount owed, establishes a due date, and serves as written evidence in case of legal disputes. Additionally, it can offer a reduced settlement as an incentive for payment.