Outstanding principal balance, accrued interest, interest rebate, and early payment penalties, if any are documented and prepared by a lender for a borrower who is paying off a loan before the completion of its term. This is the written confirmation. Also known as payoff statement.
Link to This DefinitionDid you find this definition of LETTER OF DEMAND helpful? You can share it by copying the code below and adding it to your blog or web page.
Written and fact checked by The Law Dictionary