There is no legal requirement to record a debt in writing. But it is safer to do so.
A simple IOU can be drawn up on a scrap of paper so long as the terms are clear and unambiguous.
We provide you with a basic form set out below.
Just "cut and paste".
ACKNOWLEDGEMENT OF DEBT
Between . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
And . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
I . . . . . . . . . . . . . . . . . . . . . . . . . . . . . hereby acknowledge that . . . . . . . . . . . . . . . . . . . . . . . . . lent to me the sum of . . . . . . . . . . . . . . . . on or about . . . . . . . . . . . . . . . . . . and I am indebted to the said . . . . . . . . . . . . . . . . . for that amount.
I agreed to repay this debt in the following manner and with the following timeframe.
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