NOI is an abbreviation of Notice of Intent. NOI is a written document that is generally sent to a particular party as a warning letter. When a party fails to make a certain amount of payment, an NOI is sent. However, people are still very confused about a certain aspect of notice. Read along this article to find out answers to a majority of your question regarding NOI. But, let us first know what exactly an NOI is.
What is NOI?
NOI is a legal document that is sent by A to a party called B. These letters are generally issued due to the failure of payment, vacating a land, termination of a job, etc. NOI is issued to give a fair warning to the bearer of the notice. If the person continues to perform a certain task, a party can take legal actions against the other party.
Is it worth sending an NOI?
The answer to this question is, YES. When your debtor constantly ignores your calls and messages, NOI can do it for you. NOI never fails to convey your message. It will make the debtor pay your debts soon. Also, opting for NOI is way too simple than filling a real case. So, the chances of getting your money back with absolutely little pain are possible by sending NOI.
But, there are times when even an NOI is not enough. In such cases, you may take some strict actions.
What are the benefits of sending NOI?
Sending an NOI can make the other party come into talking terms with you. A decent communication can solve major problems. Even if you both do not come into talking terms, NOI can help you in getting your payment back.
These are some of the very common questions asked by people all the time. This answers will help you in deciding what is right and wrong.