Acknowledgement of Debt



PERSONAL LOAN

In the event of this personal loan being approved:

I, the undersigned, (Full Name) …………………………..………….….…................................, do hereby acknowledge myself to be truly and lawfully indebted to ABC Company (the Company) in the sum of R…………..…………plus interest at prime, being  money lent and advanced to me in respect of a personal loan.

I do hereby authorise the Company to deduct the agreed instalments (including interest) from my monthly salary with effect from ………………………………..(Date).

In the event of my failing to make any one payment on due date or my services with the Company being terminated for any reason whatsoever, the full amount owing will become immediately payable and I hereby irrevocably authorise and empower the Company in this event to deduct the balance from any amount which may be due to me in respect of salary, leave pay, bonuses or any other monies due to me.



Signed at                          on this        day of                                 20__.



_____________________________
Employees’ signature


1.  ___________________________    
    Witness 1                            


2.  ___________________________
    Witness 2

 
 
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