A Notice of Public Sale of Collateral should be sent to all associated parties as soon as the specifics of the auction have been determined.
Since you’ve already exhausted all other avenues to collect your customer’s debt, it’s now time to take some serious action.
When your customer receives this letter, it should be a real “eye opener” for them.
This letter will make it all real.
Including the amount owed in this notice will hopefully prompt your customers to make payment arrangements with haste.
This redeeming attempt may make it unnecessary to even follow through with the auction!
NOTICE OF PUBLIC SALE OF COLLATERAL
You are hereby given notice that the collateral covered under our security agreement shall be sold at public auction as follows:
You will be held liable for any deficiency resulting from said sale.
You may redeem this property by paying the amount due and accrued costs of foreclosure at any time prior to the time of sale.