Illinois Sample Letter for Request for Payment Plan concerning Default

• Category: Letters - Legal - Bankruptcy
• State: Multi-State
• Control #: US-0799LTR
• Format: Word; Rich Text

Description

This form is a sample letter in Word format covering the subject matter of the title of the form. Subject: Formal Request for Payment Plan to Address Defaulted Account [Your Name] [Your Address] [City, State, ZIP] [Email Address] [Phone Number] [Date] [Recipient's Name] [Recipient's Address] [City, State, ZIP] Dear [Recipient's Name], I hope this letter finds you well. I am writing to discuss and resolve the outstanding balance on my account with reference [Account Number]. I understand that the account has fallen into default due to unforeseen circumstances that I have been actively working to rectify. Furthermore, I acknowledge my responsibility to settle the unpaid balance and would like to propose a mutually beneficial payment plan that will allow me to fulfill my financial obligations while still accommodating my current circumstances. As a resident of Illinois, I am aware of the importance of honoring financial commitments and therefore, I am committed to making prompt payments to rectify the default situation. To address the defaulted account in a reasonable and manageable manner, I request your consideration of the proposed payment plan details outlined below: 1. Total Outstanding Amount: The total unpaid amount on the account is $________ (write the exact amount). 2. Proposed Monthly Payment Amount: I propose making monthly payments of $________ (write the proposed amount) to settle the outstanding balance. 3. Payment Start Date: I kindly request that the payment plan commence on [start date]. This will allow me sufficient time to organize my finances accordingly. 4. Mode of Payment: I am open to utilizing any payment method that is most convenient for both parties involved. Please advise me on the preferred mode of payment, be it through check, online transfer, or any other acceptable method. 5. Duration of Payment Plan: Given my current financial circumstances, I request a duration of ________ months (write the proposed number of months) to complete the payment plan successfully. 6. Late Payment Charges: In the spirit of transparency and fairness, I would like to inquire about any late payment charges or penalties imposed during the repayment period. If applicable, kindly provide clarification or waiver regarding such charges. I believe that the above-mentioned payment plan will enable me to gradually fulfill the outstanding balance while ensuring that my financial responsibilities are met. I assure you of my commitment to honoring this agreement and keeping an open line of communication throughout the repayment period. In anticipation of a prompt and positive response, I request your consideration and understanding regarding my current situation. Please confirm your acceptance of this payment plan proposal by signing the attached copy of this letter and returning it to me. Thank you for your attention to this matter. I look forward to resolving this defaulted account through a mutually beneficial payment plan. Should you have any queries or require additional information, please do not hesitate to contact me at [Your Phone Number] or via email at [Your Email Address]. Yours sincerely, [Your Name] [Enclosure: Signed copy of this letter]

Subject: Formal Request for Payment Plan to Address Defaulted Account [Your Name] [Your Address] [City, State, ZIP] [Email Address] [Phone Number] [Date] [Recipient's Name] [Recipient's Address] [City, State, ZIP] Dear [Recipient's Name], I hope this letter finds you well. I am writing to discuss and resolve the outstanding balance on my account with reference [Account Number]. I understand that the account has fallen into default due to unforeseen circumstances that I have been actively working to rectify. Furthermore, I acknowledge my responsibility to settle the unpaid balance and would like to propose a mutually beneficial payment plan that will allow me to fulfill my financial obligations while still accommodating my current circumstances. As a resident of Illinois, I am aware of the importance of honoring financial commitments and therefore, I am committed to making prompt payments to rectify the default situation. To address the defaulted account in a reasonable and manageable manner, I request your consideration of the proposed payment plan details outlined below: 1. Total Outstanding Amount: The total unpaid amount on the account is $________ (write the exact amount). 2. Proposed Monthly Payment Amount: I propose making monthly payments of $________ (write the proposed amount) to settle the outstanding balance. 3. Payment Start Date: I kindly request that the payment plan commence on [start date]. This will allow me sufficient time to organize my finances accordingly. 4. Mode of Payment: I am open to utilizing any payment method that is most convenient for both parties involved. Please advise me on the preferred mode of payment, be it through check, online transfer, or any other acceptable method. 5. Duration of Payment Plan: Given my current financial circumstances, I request a duration of ________ months (write the proposed number of months) to complete the payment plan successfully. 6. Late Payment Charges: In the spirit of transparency and fairness, I would like to inquire about any late payment charges or penalties imposed during the repayment period. If applicable, kindly provide clarification or waiver regarding such charges. I believe that the above-mentioned payment plan will enable me to gradually fulfill the outstanding balance while ensuring that my financial responsibilities are met. I assure you of my commitment to honoring this agreement and keeping an open line of communication throughout the repayment period. In anticipation of a prompt and positive response, I request your consideration and understanding regarding my current situation. Please confirm your acceptance of this payment plan proposal by signing the attached copy of this letter and returning it to me. Thank you for your attention to this matter. I look forward to resolving this defaulted account through a mutually beneficial payment plan. Should you have any queries or require additional information, please do not hesitate to contact me at [Your Phone Number] or via email at [Your Email Address]. Yours sincerely, [Your Name] [Enclosure: Signed copy of this letter]