Notify Creditors of Unpaid Repair Charges
Inform known lien holders and other interested parties that the asset that they loaned money for could be in jeopardy due to unpaid repair charges
Whose it for?
- Repair Shops
- Boat Yards
- Mechanics
When is a Notice to Creditors used?​
Most repairers will notify creditors of the unpaid charges once they have made attempts to collect directly from the customer with no success.
Why is a Notice to Creditors used?
Banks and other lenders know that repair costs usually take priority over other creditors and that repairers can take significant action to recoup the unpaid charges. Knowing that the repairer may proceed with further action will usually bring quick attention to the matter.
Where should a Notice to Creditors be delivered?
Notice should be delivered to the address registered in the creditor’s lien as well as any other addresses that may have been provided. Some repairers also choose to issue notice to the lenders head office and/or local branch.
What does it look like?
Your document will vary based on your entries
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