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An Acknowledgment of Debt (AOD) is an agreement containing a clear and undeniable admission of liability by one party to another.
An Acknowledgement of Debt is a legal document that states that you owe a debt to someone. It can be used as proof of the debt in court if necessary. The requirements for an Acknowledgement of Debt vary from country to country, but in general, it must be in writing and signed by both parties.
An Acknowledgement of Debt Payment Schedule is a secondary agreement where a Debtor agrees to enter into a payment plan with you, to ultimately satisfy an outstanding debt. In exchange for entering the Acknowledgement, you agree to postpone any legal proceedings against the Debtor for recovery of the monies owed.
[42] An acknowledgment of indebtedness is not effective, for the purposes of s. 13 of the Act, unless it is in writing and signed by the debtor or the debtors agent. [43] There is no question that the purported acknowledgment here was in writing. The question is whether it was signed.
I/We, the undersigned, Name of Debtor, address of debtor (hereinafter referred to as the Debtor/s) do hereby acknowledge myself/ourselves to be truly indebted unto and in favour of Name of Creditor, address of Creditor (hereinafter referred to as the Creditor), its successors in title or assigns, in the sum of R 337