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I am therefore writing to inform you that I no longer require your services and wish to cancel my plan with immediate effect. Please provide a full breakdown of my account with you since it began, outlining all payments I have made, all creditor distributions and to whom they have been made.

Here are five steps to creating a debt repayment plan: List out your debts. Set debt priorities. Get on a budget. Consider debt repayment strategies. Research debt payoff tools and apps.

In order to pay off $40,000 in credit card debt within 36 months, you need to pay $1,449 per month, assuming an APR of 18%. While you would incur $12,154 in interest charges during that time, you could avoid much of this extra cost and pay off your debt faster by using a 0% APR balance transfer credit card.

Create a Plan of Attack Prioritize Your Debts. Rearrange your debts in order of which one you'd like to tackle first. ... Focus on a Single Debt. ... Figure out your expenses. ... Go for the big wins. ... Go for the easy wins. ... Set up auto-pay. ... Make extra payments. ... See if you can move the payment due dates.

Start by reviewing your income and expenses over the last few months to get an idea of how much you earn and where your money goes. As you categorize your expenses, you'll be able to identify areas of discretionary spending where you can cut back and allocate more money toward your debt repayment plan.

I would be very grateful if you would consider writing off the outstanding debt owing. I have always taken my financial responsibilities very seriously but unfortunately, my circumstances are so bad that I cannot realistically maintain payments of any kind.