IOU (Debt Acknowledgment) Form | DOC | PDF | RTF |
An IOU, also referred to as an “I owe you” and “Debt acknowledgment form”, is a legal form that acknowledges an individual’s debt that is owed to another party. Once the parties agree to a debt that is fair, the interest rate must be determined. Note that the interest may not be more than the State’s allowable percentage.
How to Write
It is a simple one (1) page agreement that is to have the following entered into the form:
- Name of Debtor
- Name of Creditor
- IOU Amount
- Balance Due Date
- First Payment Date along with others (if applicable)
- Signature of Each party
- Notary Acknowledgment (if applicable)