Middlesex Massachusetts Sample Letter for Request for Payment Plan concerning Default

• Category: Letters - Legal - Bankruptcy
• State: Multi-State
• County: Middlesex
• 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: Urgent Payment Plan Request — Resolving Default in Middlesex, Massachusetts Dear [Client/Creditor's Name], I hope this letter finds you well. I am writing to discuss the current outstanding balance on my [credit card/personal loan/mortgage] account with your esteemed institution. Due to unforeseen circumstances, I had difficulty meeting my financial obligations, resulting in default. However, I am committed to rectifying this situation promptly and propose a mutually beneficial payment plan. Firstly, I would like to express my sincere apologies for the delay in repayment. Middlesex, Massachusetts, has always been a community that values its financial commitments, and I understand the importance of maintaining a strong credit history. I am requesting your support in developing a repayment plan that is comfortable for both parties involved. Considering my current financial circumstances, I would appreciate your understanding and flexibility in creating a realistic arrangement that allows me to fulfill my debt obligations without additional strain. To ensure my sincerity and commitment, I have conducted a thorough review of my financial status and have prepared a detailed proposal for consideration. Here is my suggested payment plan: 1. Monthly Payments: I propose a monthly payment of [amount], which is both manageable for me and helps cover the outstanding balance effectively. I respectfully request a reduced interest rate or waiver of any late fees or penalties, allowing me to allocate most of my payments towards the principal amount owed. 2. Duration: I anticipate that with the proposed monthly payment, I will be able to settle the outstanding balance within [timeframe]. This duration takes into account my current income and expenditure, ensuring a realistic timeline for debt resolution. 3. Automatic Withdrawals: To prevent any future delays or missed payments, I suggest setting up automatic withdrawals from my [bank account/credit card]. This will provide peace of mind for you, as timely payments can be guaranteed without the need for manual intervention. I believe that the proposed payment plan demonstrates my utmost commitment to clearing my defaulted balance promptly. Implementing this arrangement will not only help me regain financial stability but will also ensure that you receive the full amount owed as per our initial contract. I kindly request your prompt attention to this matter and would appreciate your written confirmation of acceptance for the proposed payment plan. Additionally, if you have any modifications or counter-proposals based on your institution's policies, I am open to discussing alternative options that cater to both our needs. Thank you for your understanding, cooperation, and assistance in resolving this outstanding matter. I look forward to your positive response and am eager to regain financial stability with your guidance. Sincerely, [Your Name] [Your Address] [City, State, ZIP Code] [Contact Number] [Email Address]

Subject: Urgent Payment Plan Request — Resolving Default in Middlesex, Massachusetts Dear [Client/Creditor's Name], I hope this letter finds you well. I am writing to discuss the current outstanding balance on my [credit card/personal loan/mortgage] account with your esteemed institution. Due to unforeseen circumstances, I had difficulty meeting my financial obligations, resulting in default. However, I am committed to rectifying this situation promptly and propose a mutually beneficial payment plan. Firstly, I would like to express my sincere apologies for the delay in repayment. Middlesex, Massachusetts, has always been a community that values its financial commitments, and I understand the importance of maintaining a strong credit history. I am requesting your support in developing a repayment plan that is comfortable for both parties involved. Considering my current financial circumstances, I would appreciate your understanding and flexibility in creating a realistic arrangement that allows me to fulfill my debt obligations without additional strain. To ensure my sincerity and commitment, I have conducted a thorough review of my financial status and have prepared a detailed proposal for consideration. Here is my suggested payment plan: 1. Monthly Payments: I propose a monthly payment of [amount], which is both manageable for me and helps cover the outstanding balance effectively. I respectfully request a reduced interest rate or waiver of any late fees or penalties, allowing me to allocate most of my payments towards the principal amount owed. 2. Duration: I anticipate that with the proposed monthly payment, I will be able to settle the outstanding balance within [timeframe]. This duration takes into account my current income and expenditure, ensuring a realistic timeline for debt resolution. 3. Automatic Withdrawals: To prevent any future delays or missed payments, I suggest setting up automatic withdrawals from my [bank account/credit card]. This will provide peace of mind for you, as timely payments can be guaranteed without the need for manual intervention. I believe that the proposed payment plan demonstrates my utmost commitment to clearing my defaulted balance promptly. Implementing this arrangement will not only help me regain financial stability but will also ensure that you receive the full amount owed as per our initial contract. I kindly request your prompt attention to this matter and would appreciate your written confirmation of acceptance for the proposed payment plan. Additionally, if you have any modifications or counter-proposals based on your institution's policies, I am open to discussing alternative options that cater to both our needs. Thank you for your understanding, cooperation, and assistance in resolving this outstanding matter. I look forward to your positive response and am eager to regain financial stability with your guidance. Sincerely, [Your Name] [Your Address] [City, State, ZIP Code] [Contact Number] [Email Address]