12 November 2013
JUDAY C. SANTOS
112 Bonifacio Street, Canumay East,
Valenzuela City
Madam:
This letter will serve as formal notice to you that you are in default of your obligation to repay the sum of P250,000.00 which was loaned to you on November 3, 2012 plus interest in the amount of P50,000.00. The total amount of P300,000.00 is now overdue 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 ten (10) days from receipt 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,
RYAN AGON CILLO