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Make a List of All Your Debts. Rank Your Debts. Find Extra Money to Pay Your Debts. Focus on One Debt at a Time. Move Onto the Next Debt on Your List. Build Up Your Savings. Other Tips.
Be polite, but firm, in your tone. For example, if you are writing with regard to a personal loan, you could begin by saying: "As you are aware, on date you contacted me for help regarding your delinquent car payment. I lent you the sum of dollar amount and you promised to pay back the money within time period."
Contact information for both parties. Location/state whose laws apply to the agreement. Terms and conditions of the business relationship. Terms of payment. Start date of the agreement. End date of the agreement.
The legal name of both the promisor and the payee. The total amount of the loan. The terms of the repayment. What the payments are for. When the payments are due. How the payments will be made. When the last payment should be made.
A payment plan can be understood as an extension of the invoice due date. Typically an invoice has payment terms, such as NET 7.Once your customer approves the payment plan they will be charged automatically for the installments on the date each payment is due.
Look for a sample template online which you can use as a guide for when you are drafting your document. Open a word processing software and start formatting your document. Identify the parties who are involved in the loan. Write your consideration to make your loan valid.
I, FULL NAME, borrowed $500 from FULL NAME on DATE. The money is to be repaid in one lump sum. I, FULL NAME, promise to repay the full amount, $500, with a personal check on DATE. I agree to pay a late fee of $5 per day until the loan is paid in full if I am not able to make the payment on the agreed date.
Get it in writing. Keep it simple. Deal with the right person. Identify each party correctly. Spell out all of the details. Specify payment obligations. Agree on circumstances that terminate the contract. Agree on a way to resolve disputes.