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Past Due Notice Template
What Is a Past Due Notice?
A Past Due Notice is a document that an individual or a business can receive if their payment is late. The purpose of the notice is to inform a debtor about their late payment and to urge the responsible party to make a transfer.
Alternate Name:
- Past Due Notice Letter.
Generally, the notice is sent the next day after the payment has been confirmed as due. If a recipient of the document will not act after receiving it they might meet consequences like late payment fees and other applicable types of penalties. A printable Past Due Notice template can be downloaded through the link below.
How to Write a Past Due Notice Letter?
A friendly Past Due Notice can be presented as a polite letter (or an email), which can include the following:
- Introduction . Start with a title and an introduction, specify who is requesting the payment.
- The Reminder . Provide information about the payment (how much was supposed to be transferred, on which date, and how much time passed since the account was confirmed as overdue).
- Account Summary . In this part of the letter, you should relay information about the debtor's account. Include an invoice number and date, the amount due, the days past due, etc.
- Payment Information . Offer the debtor to make a transfer as soon as possible and provide information on how to do it. For example, you can offer them to use your website to make an online transfer, or provide the address for a payment made by check.
- Contact information . Some late payments can be the result of a bank error. If this is the case, provide the contact information of a company manager who will research the situation. This information should also be provided in case the debtor would like to change the payment schedule.
- Penalties . Inform the debtor about the penalties that will be applied to them unless they transfer the appropriate payment. This is done in order to relay the seriousness of the situation and should be done in a polite manner. Depending on the situation, these penalties can include late payment fees, charge off, etc.;
- Conclusion . Express your hope for future productive work and thank the debtor for their attention and understanding of the situation.
The contents of the letter can be changed depending on the circumstances of the situation, the type of payment that was past due, and the time period that has passed since the payment had to be transferred.
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