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I Owe You (IOU) Template

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An IOU Form, otherwise known as an “I Owe You” or “Debt Acknowledgment Form” is used to record an individual’s or entity’s debt with another party. An IOU is a simple solution when two parties want to record a transaction in writing without the hassle of complicated paperwork. People who tend to use IOUs the most have a common ground of trust, typically business partners, friends, or family members.

How to Write

Step 1 – Download and Review the Form – Provide:

  • The debtor’s name
  • The debt holder’s (or creditor’s) name
  • In acknowledgement of the debt, enter the amount of the loan
  • AND
  • At the end of the form, enter a date in which the debtor intends to have the loan paid in full
  • Next, establish an intended amount to be paid to the debt holder
  • Enter the day of each month a payment shall be made, in mm/dd/yyyy format
  • Submit the date in which the entire amount of the debt shall be paid (on or before) mm/dd/yyyy format

Step 2 – Signatures – Two witness OR a notary public must be present to witness and then provide signature(s) in agreement – Submit:

  • The debt holder’s signature
  • Printed name
  • AND
  • Debtor’s signature
  • Printed name
  • AND
  • Witnesses signatures (respective)
  • OR
  • If the services of a notary public are selected, the notary shall witness the signatures of the debtor and debt holder. The notary shall then complete the section at the end of the document. They shall then further acknowledge by affixing their official seal (if any)

All signatories should be in possession of a copy of the document for the records. The debt holder must retain the original copy.



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