Assignment of Money Due

We can describe money due as some payment that a person owes to another person. In simple words, money due is actually a loan that is borrowed by a person from another person either on personal basis or professional basis. If you owe a couple of dollars to your friend, this is the money due on you.

Introduction to the Assignment of Money Due:

As we have described above that money due is actually a loan borrowed by a person or a company from another person i.e. creditor so this explains that when the actual creditor decides or wants the debtor to return the remaining amount of debt to a third party, the assignment of money due is signed between all parties included in this process. Assignment of money due is an agreement that allows a third person or different party to collect the debt from the debtor on behalf of the actual creditor with his permission and consent of the debtor. This assignment of money due is actually a permission letter from the actual creditor, authority letter for the new creditor to collect money and written consent from the debtor to return debt to new creditor.

Brief Description Assignment of Money Due:

Most of the time when a person borrows money from another person, he is required to return the money to the same person he borrowed it from but there are some situations in which the creditor or lender requires the debtor to return the money to a different person. For example, the creditor needs the debtor to return the loan money before deadline but the debtor can’t return it so the creditor gets the money from another person and asks him to get it back from the debtor on behalf of the actual creditor. Another situation is that when the creditor also owes money to another person and he wants to make this process of getting money from his debtor and forwarding it to his creditor by simply getting out of the process and making his debtor and creditor direct with each other. This all is done with the assignment of money due agreement.

Key elements to include in the Assignment of Money Due:

  • Name of the person who borrowed money i.e. debtor with complete address
  • Name of the person who lent money to the debtor i.e. creditor with complete address
  • Name of the third party or new creditor who will receive debt from now on with complete address
  • Date when the assignment is being signed by all parties
  • Details of the amount the debtor owes to the creditor with particulars i.e. when he borrowed money, total amount, the amount he has paid to the creditor and the remaining amount along with the duration or time frame in which the debtor has to return the money to the new creditor
  • Reasons of assigning the debt to a new creditor (if applicable)
  • Names and addresses of the witnesses
  • Signature of all parties involved in this process i.e. debtor, previous creditor, new creditor and witnesses

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Assignment of Money Due

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