ACKNOWLEDGEMENT OF DEBT

1. THE DEBTOR (Referred to herein as “….”)

NAME:  ……………………………………….., formerly ………

IDENTITY NUMBER: ………………………………………….

CELL NUMBER: ……………………………………………………

ADDRESS: ………………………………………………………

……………………………………………………..

……………………………………………………..

 

Work address: …………………………………………………..

………………………………………………
………………………………………………
………………………………………………
………………………………………………

E-MAIL: ………………………………………………………….

 

2. THE CREDITOR

NAME: ……………………………………………………..

TEL: ………………………………………………………..

3. ACKNOWLEDGMENT OF DEBT

…. acknowledges being indebted to the creditor in the sum of R …………….., being the capital amount due in respect of payment of attorneys fees on behalf of …… with respect to her matrimonial affairs and custody and family violence matters which payment was made to ………………….. Attorneys during the period 20.. until 20.. plus interest thereon at 15.5% per annum compounded monthly in arrears on the aforementioned capital amount from the following dates:

20. interest on the sum of R ……….. from ………………. 20..;
21. interest on the sum of R …………from ………………..20…

In the event that …. fails to comply with this agreement in any respect whatsoever, and the creditor is required to take legal action for recovery of any money, the interest rate on any outstanding capital shall revert to 25% per annum compounded monthly in arrears.

 

4. METHOD OF PAYMENT

 

• …. is about to receive a substantial amount of money being in respect of 50% of the erstwhile husband’s pension With the Government Employees Pension Fund. …. unequivocally undertakes to make payment to the creditor of the full amount of R……plus interest immediately on receipt by her of her 50% share of her ex-husband …………………..’s pension.

 

• ……. agrees to make all payments due in respect hereof to creditors attorneys ……………….. Attorneys with the following bank account details: –

 

…………………………. Attorneys Trust Account

                      …………….Bank: ………………… Street

                      Account Number: ………………………..

                      Branch Code: …………………, Swift Code: …………………………….

 

• In the event of …. paying directly into the bank (trust) account of ……………….Attorneys, …. hereby undertakes to supply documentary proof (i.e. deposit slip), of such payment to ………… Attorneys on the date of payment. Should ……………. Attorneys receive no such notification as stipulated and subsequent costs are incurred on behalf of the creditor, same will be the account of Lara on an attorney and own client scale.

 

5. DEFAULT BY DEBTOR IN TERMS THEREOF

 

5.1     ….. acknowledges that the full outstanding amount becomes immediately due and payable on payment by the government employees pension fund of 50% of her ex-husband’s pension into her bank account or into another bank account chosen by her.

 

5.2    ….. further acknowledges that should any payment not be paid as stipulated herein, the creditor shall be entitled to immediately proceed against …. to recover any outstanding monies and interest will accrue on the full  outstanding amount, at 25% per annum, from ……………. 20.. until date of settlement in full. Any payments recovered will be appropriated firstly towards any collection commission and/or legal costs envisaged, then interest and thereafter in reduction of the capital amount.

 

5.3    A certificate signed by the Creditor or his personal accountant confirming the amount due and payable shall be sufficient prima facie evidence for the purposes of obtaining summary judgment or provisional sentence against me for the amount claimed in the Magistrate’s Court.

 

5.4  …. hereby specifically agrees to an emoluments attachment order being granted against …. if …..does not honour her obligation of terms hereof.

 

6. CHANGE OF ADDRESS

 

…. undertakes to advise the Creditor’s attorneys, ………… Attorneys, should ….’s address change. …. further agrees that if she refrains from advising the abovementioned attorneys of her change of address, and this address has to be verified, that she will be liable for tracing agents costs incurred by the creditor in ascertaining her new address.

 

 

7. COSTS

…. hereby accepts liability for legal costs on an attorney and own client scale incurred by the creditor, should the creditor institute action against …. due to ….’s non-compliance with the terms hereof.

 

 

8. JURISDICTION

…. agrees to the jurisdiction of the Magistrate’s Court in terms of Section 28 of Act 32 of 1944 and acknowledges that the creditor has the discretion to proceed with action in any Court which might have jurisdiction in respect of this matter.

 

9. DOMICILIUM ADDRESS

…. chooses her address as mentioned in paragraph 1 hereof as the address where she will accept service and delivery of any notices, which is given in respect hereof.

 

10. WAIVER

No extension of time or indulgence by either party to the other will be deemed in any way to affect, prejudice or derogate from the rights of such party in any respect under this instrument, nor shall it in any way be regarded as a waiver of any rights hereunder, nor a novation of this instrument.

 

11. NON VARIATION

No variation of this instrument will affect the terms hereof unless such variation is reduced to writing and signed by or on behalf of the parties.

 

 

 

 

 

 

SIGNED AT _____________________ ON THE _____ DAY OF __________20..

 

 

AS WITNESS:

 

1._________________________

 

 

 

2. ________________________ ____________________

DEBTOR