[Your Name] [Your Address] [City, State, ZIP] [Email Address] [Phone Number] [Date] [Recipient's Name] [Recipient's Address] [City, State, ZIP] Subject: Request for Payment Plan concerning Default Dear [Recipient's Name], I hope this letter finds you well. My name is [Your Name], and I am writing to discuss a matter of great importance regarding a default on [mention the date of default] due to financial difficulties. I would like to request a payment plan that would allow me to gradually settle my outstanding balance. I have always strived to meet my financial obligations promptly, but unfortunately, due to unforeseen circumstances, I experienced financial hardships that led to the default on my payment. These circumstances included [briefly explain the reason for the default, such as loss of employment, medical expenses, etc.]. However, I am committed to clearing my debt and rectifying the situation. I believe that establishing a realistic payment plan will provide me with the opportunity to responsibly fulfill my financial obligations. I kindly request your cooperation and understanding in this matter. Considering my current financial situation, I propose the following payment plan: 1. Total outstanding balance: [mention the exact amount]. 2. Monthly installment amount I can reasonably afford: [mention the amount you propose]. 3. Duration of payment plan: [specify the number of months/years you propose]. I assure you that I will make every effort to strictly adhere to the proposed payment plan. Due to the circumstances I faced, it may take a little longer to fully settle my debt, but I am determined to fulfill my obligations and resolve this matter as promptly as possible. I kindly request that you review my proposal and provide your approval at your earliest convenience. In case you find it necessary to suggest any modifications to the proposed payment plan, please do not hesitate to contact me. I am open to discussing alternative arrangements that would be mutually beneficial. I understand the implications of defaulting on payments and the potential impact it may have on my credit score and future financial endeavors. Therefore, I sincerely hope that we can reach a favorable agreement that will allow me to clear my past dues and restore my financial stability. I would appreciate receiving a written agreement outlining the terms and conditions of the agreed-upon payment plan. This will provide clarity for both parties and ensure that our understanding is well-documented. Thank you for your attention to this matter. I genuinely appreciate your understanding and cooperation during this challenging time. I look forward to receiving a positive response and working together to resolve this default diligently. Please feel free to contact me at [Your Phone Number] or [Your Email Address] to discuss this matter further or if you require any additional information. Yours sincerely, [Your Name]
New Mexico Sample Letter for Request for Payment Plan concerning Default
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How to fill out Sample Letter For Request For Payment Plan Concerning Default?
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In place of my regular monthly payment of $__________due on the__________________________. I am requesting that you accept payments of $______________paid on the__________. I assure you that I will add no further debt until my financial situation improves. I will begin making normal payments again as soon as possible.
I hereby undertake to repay the loan to you in _______ equal and consecutive monthly payments, as of the month of ____________, of the year ________. I am aware that you agree that I may be eligible, at any time and from time to time, to pay off any balance of said loan, all or part thereof. 3.
In place of my regular monthly payment of $__________due on the__________________________. I am requesting that you accept payments of $______________paid on the__________. I assure you that I will add no further debt until my financial situation improves. I will begin making normal payments again as soon as possible.
Installment Agreements: Installment agreements are formal, written agreements between you and the state. Installment agreements allow you up to 72 months to pay tax debts. This type of agreement requires a lien to be filed on the balance or acceptable security prior to being granted.
Tips For Loan Request Letter Review the loan guidelines and understand how they apply. ... Describe the reason for the loan in detail. ... Attach the necessary supporting documentation. ... Identify the amount of money you need. ... Be polite and professional when addressing the reader. ... Be sure to include a repayment plan.
Contact your creditors by phone, email or letter to tell them about your situation and to make an offer to pay the amount you can afford. It's recommended to send a written copy even if you come to agreement over the phone. Use our template letter for your creditors to contact them about debt repayment plans.
I hereby undertake to repay the loan to you in _______ equal and consecutive monthly payments, as of the month of ____________, of the year ________. I am aware that you agree that I may be eligible, at any time and from time to time, to pay off any balance of said loan, all or part thereof.
