Subject: Urgent Action Required — Referral of Account to Collection Agency Dear [Debtor's Name], We hope this letter finds you well. We regret to inform you that your account with [Your Company's Name] has reached a critical stage, and despite multiple notifications, it remains outstanding. As a result, we have no choice but to refer your account to our trusted and professional collection agency, in accordance with the laws and regulations of New York. [Your Company's Name] values its loyal customers, which is why we strive to provide the best services possible. It is our utmost responsibility to maintain our financial stability and ensure fairness for all our customers. Hence, we regret that we must resort to involving a collection agency to recover the outstanding balance. The purpose of this letter is not to inconvenience or embarrass you, but to urge you to take immediate action to resolve this matter. The outstanding balance on your account currently stands at $[Amount], which includes the original amount due of $[Amount], as well as any accrued interest and applicable fees. Please understand that the involvement of a collection agency may have serious implications for your credit report, affecting your future financial endeavors. We strongly advise you to avoid such consequences of settling your account as soon as possible. To facilitate the resolution process, we suggest considering one of the following options: 1. Payment in Full: Kindly remit the full outstanding amount of $[Amount] via [Accepted Payment Method] by [Deadline Date]. Upon receipt of your payment, we will consider the matter closed and ensure that our collection agency is notified accordingly. 2. Payment Plan: If full payment is not currently feasible, we are open to discussing a reasonable payment arrangement that suits your financial circumstances. Please contact our customer service department at [Phone Number] or reply to this letter to explore this option further. Please be aware that any undue delays or lack of response from your end may lead to intensified collection efforts by our agency, including potential legal proceedings, additional collection fees, and reporting the delinquency to credit bureaus. We sincerely hope that it doesn't come to that and that we can resolve this amicably to your satisfaction. We urge you to treat this matter with the utmost urgency to avoid any further complications. Should you have any questions or concerns regarding your outstanding balance or require any assistance, our dedicated customer service team is available to help you during normal business hours. Thank you for your prompt attention to this matter. We remain hopeful that we can reach a mutually beneficial resolution. Best regards, [Your Name] [Your Title] [Your Company's Name] [Contact Information]