Description
Loan between relatives? Protect yourself with an IOU
- An IOU is a written document formalizing the existence of a loan of money from a creditor to a borrower.
- This document takes the form of a letter containing several essential clauses:
- Loan amount: specifies the total sum loaned.
- Applicable interest rate: indicates the interest rate that will be applied to the loan.
- Payment date: defines the repayment schedule.
- Amount and frequency of payments: details the amount of each payment and its frequency.
- The IOU is often the only proof of the existence of the loan, crucial in the event of :
- Disputes: Provides a documentary basis in the event of litigation.
- Death: Used to clarify the financial commitments of the deceased.
- Legal proceedings: Can be used as legal evidence in court.
- The IOUs available on this site are designed to meet loan management needs, ensuring clarity and legal compliance.
- Discover a wealth of information on a variety of legal topics by visiting our legal FAQs.
Other services offered
Price
| Acknowledgement of debt between individuals | $12 |
Available option
|
Questionnaires review with a member of our legal team No discount or credit is applicable to this option. |
$60 |
