Acknowledgement of Debt sample (South Africa)

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ACKNOWLEDGEMENT OF DEBT

We, the undersigned,

_______________________________________________

and

_______________________________________________

(“the debtors”)

do hereby acknowledge that we are jointly and severaly truly and lawfuly indebted unto and in favour of:

_______________________________________________

(“the creditor”)

In the amount of R ____________________ being in respect of monies lent and advanced by the creditor to the debtors on the ___ day of _______, 201__.

We undertake to repay the aforesaid amount, free of interest, as follows:

1. Al instalments shall be paid, free of deductions, at the offices of the creditor, at ___________________________________________.

2. In the event of any one payment not being made on due date, the full balance then outstanding shall immediately become due, owing and payable.

3. We confirm that this acknowledgement of debt shall not be construed a promissory note in terms of Section 87 of the Bils Exchange Act, No 34 of 1964.

4. There shall be no variation or amendment o this Acknowledgement of Debt, unless reduced to writing and signed by both the creditor and the debtors.

5. We fully understand that in the event that we choose to repay the aforesaid amount by way of a debit order and the said debit order being returned by the bank for any reason whatsoever, the creditor will be fully entitled to cancel the debit order and we will then be obligated to provide the creditor with post dated cheques to cover the balance of the monies lent and advanced to us.

6. In the event of any dispute arising from this Acknowledgement of Debt, we hereby consent to the jurisdiction of the Magistrate’s Court in respect to any action arising from this Acknowledgement of Debt.

7. We chose domicilium citandi et executandi for all purposes at:-

___________________________________________________________________

8. We confirm that we are presently in a financial position to repay the loan that we have applied for from the Creditor in monthly instalments as set out in paragraph 2 above.

9. We hereby acknowledge that he Creditor is exempt from the provisions of the National Credit Act No.34 of 205.

10. We hereby confirm that as at date hereof neither of us are receiving debt relief nor have either of us applied for debt relief pursuant to the provisions of the National Credit Act No.34 of 205.

SINGED AT ___________ ON THIS THE _____ DAY OF ______ 201__

______________________________        ______________________________

(the Debtors)

Witnesses:

1.                                                                       

2.                                                                                      

______________________________

(the Creditor)