Phoenix Arizona Sample Letter for Request for Payment Plan concerning Default

State:
Multi-State
City:
Phoenix
Control #:
US-0799LTR
Format:
Word; 
Rich Text
Instant download

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]

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FAQ

I request that you accept a monthly payment of $ instead of the regular payment of $ that I have been making every month. I will begin making regular monthly payments as soon as I recover from this financial crisis. I hope you will understand my situation and consider my request.

This letter is to let you know that I'm currently having some financial difficulties. I'm not able to pay the complete monthly payment on my account because . (List your personal reason here ? job loss, illness, etc.)

What to Include in a Demand Letter The date the letter is being sent. Your name and address, and the name and address of the debtor. A description of the facts of the case (such as, you signed a contract for a new roof dated X date and the contractor didn't do the work) The amount you are seeking to collect (see below)

Contact your creditors immediately; don't wait for them to contact you. Even if your payment history is less than perfect, you will still make better arrangements by being forthright. Explain your current situation. Tell them your family income is reduced and you are not able to keep up with your payments.

I respectfully request that you forgive my alleged debt, as my condition precludes any employment, and my current and future income does not support any debt repayment. Please respond to my request in writing to the address below at your earliest convenience. Thank you in advance for your understanding of my situation.

Tips for Writing a Hardship Letter Keep it original.Be honest.Keep it concise.Don't cast blame or shirk responsibility.Don't use jargon or fancy words.Keep your objectives in mind.Provide the creditor an action plan.Talk to a Financial Coach.

A debt collection letter should include the following information: The amount the debtor owes you. The initial due date of the payment. A new due date for the payment, whether ASAP or longer. Instructions on how to pay the debt.

Dear (Sir/Name), My name is (Name) and I write to notify you of outstanding payment of (Money amount) dollars. (Describe in your words). This payment regards that (Specification) was delivered to your company's location at (Address) on the date (DD/MM/YY).

Tips for Writing a Hardship Letter Keep it original.Be honest.Keep it concise.Don't cast blame or shirk responsibility.Don't use jargon or fancy words.Keep your objectives in mind.Provide the creditor an action plan.Talk to a Financial Coach.

How do you politely ask for a payment? Write a non-threatening payment request email subject line.Avoid emotional language or being passive-aggressive.Attach a copy of your invoice and add the details needed for making the payment.Remind your clients of the payment terms.Keep your email short.

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Complete the Application for a Fingerprint Clearance Card ("Application"). I have set up a realistic minimum budget for my living expenses and have developed a debt repayment program.I am hoping you will accept a reduced payment of. The Program Academic Standing section was updated. Public Records Request. It is PVSchools' policy to comply with the Arizona public records law in a timely, accurate and complete manner. Mortgage insurance protects a mortgage lender or title holder if a borrower defaults on payments, dies, or otherwise can't pay the mortgage. more. U.S. citizens and immigrants in certain immigration categories may apply for the credential. Learn about their activities to reduce regulatory barriers.

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Phoenix Arizona Sample Letter for Request for Payment Plan concerning Default