2 1. I/We expressly confirm: (a) that all previous agreements, written or written between debtors and creditors, concluded between debtors and creditors, are, by this RECOGNITION of debt securities which, together with these other securitys that I/we can sign, constitute the only exclusive documentation that proves my overall responsibility for the creditor, unless other documents are signed by me/us. In the end, there is a portion that a notary must complete after attending the debtor`s signature. This is a good idea, as it ensures that the debtor`s signature cannot be called into question, because the debtor`s signature is the most important, but the notary is not absolutely necessary. It is the creditor and the debtor who decides whether the form is notarized. This document can be used for a debtor who must establish a signed form for a creditor, in which the debtor recognizes that the money is owed and must be repaid. This document can also be used for a creditor who needs a standard model for one of his debtors to fill in the money owed. Our unique table at the beginning of the agreement allows you to tailor the recognition of the debt agreement to your needs. ACKNOWLEDGMENT OF DEBT. The debtor agrees and acknowledges that he is fully indebted to the creditor.
Sometimes there are financial transactions that are not very large or high priority, and to keep things simple and less complicated, people generally do not go through the right legal channel with these common transactions. Instead, they use the letter IOU, which is also known as the letter I Owe You or Debt Confirmation. This is a simple letter that the debtor sends to the creditor and declares that he did borrow that amount from the creditor and agreed to repay the loan within the agreed time. This letter or confirmation serves as legal evidence of the conclusion or transaction between the creditor and the debtor, as well as the specific amount of debts outstanding by the borrower to the creditor and the length of time the debtor intends to repay all of his debts.