[Your Name] [Your Address] [City, State, ZIP] [Email Address] [Date] [Recipient's Name] [Recipient's Address] [City, State, ZIP] Subject: Intention to Pursue Legal Action Concerning Loan Dear [Recipient's Name], I am writing this letter to express my deep concern and disappointment regarding the non-resolution of the outstanding loan [loan reference number] between us. Despite several attempts to resolve this matter amicably, it has become evident that legal action is now necessary. I would like to remind you of the loan agreement signed by both parties on [date], which clearly outlines the terms and conditions for the loan. The agreement explicitly states the repayment schedule, interest rate, and the consequences of non-payment. Unfortunately, you have failed to adhere to these obligations, and as a result, I am left with no choice but to pursue legal action to protect my rights and interests. To formalize my intention, I kindly request you to carefully consider the following steps: 1. Settlement: I am open to negotiations and would prefer to reach a mutually agreeable settlement before proceeding with legal action. Therefore, I urge you to contact me within [number of days] to discuss a feasible repayment plan. This would be your final opportunity to resolve this matter without involving the courts. 2. Formal Demand Notice: If I do not receive a satisfactory response within the mentioned timeframe, I will proceed with sending a formal demand notice. This notice will detail the exact outstanding loan amount, along with the additional charges incurred due to the delay in repayment. It will also emphasize the urgent need for immediate payment. 3. Legal Action: Should the demand notice go unanswered or be neglected, I will have no alternative but to take legal action against you to recover the loan amount along with any associated expenses, which may include legal fees, court costs, and interests as allowed by North Dakota law. It is not my desire to engage in an extensive legal battle, but it is crucial that you understand the gravity of the situation and the inevitable consequences if this matter remains unresolved. I remain open to an out-of-court settlement that respects both parties' interests, as I believe it is still possible to avoid further complications and costs associated with litigation. I strongly advise obtaining legal counsel to review your position and obligations under the applicable laws of North Dakota. Despite legal action being imminent, there is still an opportunity to resolve this matter amicably and promptly. Ignoring or delaying response at this stage may only lead to significant financial and legal repercussions. To facilitate effective communication and prevent any misunderstandings, it is essential that all correspondence regarding this matter be in writing. Therefore, I kindly request all future communication to be conducted through either postal mail or email. Please treat this matter with the utmost urgency and seriousness it deserves. I anticipate a prompt response and hope that we can resolve this matter before further escalation. Yours sincerely, [Your Name]
North Dakota Sample Letter for Legal Action Concerning Loan
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