In consideration of full payment of the promissory note dated. A Payoff Letter memorializes a debtor and lender's agreement regarding a debt obligation's early payment and termination."If a judgment debtor fails to comply with an installment payment order, the judgment creditor may apply to the court for a wage execution. Such a document serves as the borrower's proof that the debt has been paid. David J. Pfeffer, a Manhattan real estate lawyer, said that a coop shareholder should do several things after paying off the loan on the apartment.