Date:
[Name of person],
COMPANY AND ADDRESS
Dear Mr. / Ms. ————–
This letter will serve as formal notice to you that you are in default of your obligation to repay the sum of Rs. …..[Amount owing / borrowed] which was advanced to you on [Date of original advance].
This amount has been overdue since [Date of maturity of payment obligation] and you have failed to repay the same despite repeated requests for payment by us.
Unless payment of the above amount is received by us in full within —– (no. of days) of the date of this letter, we will have no alternative but to exercise whatever rights and remedies we have under the law to enforce such payment, including but not limited to institution of legal proceedings against you to recover the above amount, together with accrued interest and legal expenses.
Kindly govern yourself accordingly.
Yours truly,
(Name of Authorized)
