Phoenix Arizona Sample Letter for Request for Payment Plan concerning Default

• Category: Letters - Legal - Bankruptcy
• State: Multi-State
• City: Phoenix
• 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: Request for Payment Plan to Resolve Default on Outstanding Balance Dear [Creditor's Name], I hope this letter finds you well. I am writing to address an urgent matter regarding the outstanding balance I owe to your esteemed organization. I fully understand the importance of fulfilling my financial obligations and would like to discuss the possibility of setting up a payment plan to gradually settle the amount in default. Firstly, I would like to apologize for the delay in payments and any inconvenience caused. Due to unforeseen circumstances, I have faced financial hardships that have impacted my ability to meet the payment deadlines as agreed upon. However, I am committed to resolving this issue responsibly and sincerely request your understanding and cooperation. Having assessed my current financial situation, I have developed a feasible repayment plan that will allow me to meet my obligations in a structured manner. I am proposing the following terms for the payment plan: 1. Total Outstanding Balance: [Insert outstanding balance]. 2. Repayment Period: [State the proposed duration for clearing the arrears]. 3. Installment Amount: [Specify the proposed monthly installment]. 4. Payment Method: [Mention your preferred payment method, such as check, bank transfer, or online payment]. I believe these terms are reasonable and attainable for both parties involved. If accepted, this plan will assist me in fulfilling my financial responsibilities and help rebuild my credibility as a reliable debtor. Please note that I am fully committed to executing this payment plan promptly and adhere to the proposed schedule without any further delays. I would also appreciate if any late fees or penalties associated with the default could be waived, as it will allow me to allocate more funds towards the outstanding balance. I kindly request you to review my proposal and consider its acceptance. Should you have any modifications or suggestions, I am open to discussion and willing to accommodate if possible. To proceed with the agreed payment plan, I kindly ask for your acknowledgement of this arrangement in writing. Upon receiving your confirmation, I will promptly initiate the first payment as discussed. I genuinely value the business relationship we have shared over the years and genuinely want to resolve this matter amicably. I assure you that my commitment towards regular payments will remain unwavering until the full settlement of the outstanding balance. Thank you for your time and understanding. I look forward to prompt cooperation and a favorable response. Yours faithfully, [Your Name] [Your Contact Information]

Subject: Request for Payment Plan to Resolve Default on Outstanding Balance Dear [Creditor's Name], I hope this letter finds you well. I am writing to address an urgent matter regarding the outstanding balance I owe to your esteemed organization. I fully understand the importance of fulfilling my financial obligations and would like to discuss the possibility of setting up a payment plan to gradually settle the amount in default. Firstly, I would like to apologize for the delay in payments and any inconvenience caused. Due to unforeseen circumstances, I have faced financial hardships that have impacted my ability to meet the payment deadlines as agreed upon. However, I am committed to resolving this issue responsibly and sincerely request your understanding and cooperation. Having assessed my current financial situation, I have developed a feasible repayment plan that will allow me to meet my obligations in a structured manner. I am proposing the following terms for the payment plan: 1. Total Outstanding Balance: [Insert outstanding balance]. 2. Repayment Period: [State the proposed duration for clearing the arrears]. 3. Installment Amount: [Specify the proposed monthly installment]. 4. Payment Method: [Mention your preferred payment method, such as check, bank transfer, or online payment]. I believe these terms are reasonable and attainable for both parties involved. If accepted, this plan will assist me in fulfilling my financial responsibilities and help rebuild my credibility as a reliable debtor. Please note that I am fully committed to executing this payment plan promptly and adhere to the proposed schedule without any further delays. I would also appreciate if any late fees or penalties associated with the default could be waived, as it will allow me to allocate more funds towards the outstanding balance. I kindly request you to review my proposal and consider its acceptance. Should you have any modifications or suggestions, I am open to discussion and willing to accommodate if possible. To proceed with the agreed payment plan, I kindly ask for your acknowledgement of this arrangement in writing. Upon receiving your confirmation, I will promptly initiate the first payment as discussed. I genuinely value the business relationship we have shared over the years and genuinely want to resolve this matter amicably. I assure you that my commitment towards regular payments will remain unwavering until the full settlement of the outstanding balance. Thank you for your time and understanding. I look forward to prompt cooperation and a favorable response. Yours faithfully, [Your Name] [Your Contact Information]