An Acknowledgement of Debt ("AoD") is written confirmation by a debtor of his/her indebtedness to a creditor, which records the terms for repayment of the debt and interest (if applicable), and may be used for a liquidated or unliquidated claim.
If the debtor acknowledges debt for an unliquidated claim the claim becomes liquidated because an AoD constitutes a liquid document.
In the event of litigation for debt recovery, an AoD may allow for a faster and effective solution as the creditor may apply for a summary judgment, provisional sentence or Section 57 and 58 procedure may be applicable.
Please take a quick look at the following information that you may need to complete the interview:
Particulars for Debtor(s) and Creditor(s) – full name, identity/passport/registration number and address.
If any of the parties are juristic persons, the entity’s full name and registration number, together with the particulars of their representatives.
Amount of the debt.
Terms of payment and including interest rate (if applicable).