Alabama Sample Letter for Request for Payment Plan concerning Default

• Category: Letters - Legal - Bankruptcy
• State: Multi-State
• 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.

[Your Name] [Your Address] [City, State, ZIP Code] [Email Address] [Phone Number] [Date] [Recipient's Name] [Recipient's Address] [City, State, ZIP Code] Subject: Request for Payment Plan concerning Default Account Dear [Recipient's Name], I hope this letter finds you well. I am writing to address an outstanding debt on my account with [Creditor Name]. I am aware that I have fallen behind in making payments, and I sincerely apologize for any inconvenience caused. Furthermore, I am committed to rectifying this situation promptly and propose a payment plan that would allow me to clear the debt while ensuring your expectations are met. As per the terms and conditions outlined in the credit agreement, I acknowledge my delinquency and take full responsibility for my actions. I genuinely regret not fulfilling my financial obligations on time. Nevertheless, I am determined to settle this debt, and I kindly request your assistance in establishing a payment plan. I have evaluated my current financial situation diligently and believe that a mutually beneficial payment arrangement can be reached. I propose the following payment plan to ensure the timely repayment of the outstanding balance of $[Amount]: 1. Monthly installments: I request that we divide the outstanding amount into equal monthly payments. 2. Amount per installment: I suggest a payment of $[Proposed Payment Amount] per month until the full balance is settled. 3. Duration of repayment: I propose a repayment period of [Number of Months] months to allow for a reasonable adjustment to my budget while ensuring timely settlement. 4. Preferred payment method: Please let me know if you have a specific payment method preference, such as electronic funds transfer, online payment, or a recurring check payment. I assure you that I am committed to adhering to this repayment plan diligently. I understand the consequences of further default, and I am determined to avoid any negative impact on my credit history. In addition, I kindly request the consideration of waiving any late fees or penalties accrued due to my delinquency. Though I understand this may not always be possible, I hope you will take my financial situation into account and assist me in resolving this matter as amicably as possible. I appreciate your understanding and prompt attention to this matter. To proceed with this payment plan, I kindly request you to respond to this letter within [Specific Timeframe] to confirm your willingness to establish a payment plan or propose any modifications if necessary. Please consider this letter as a formal request under the Fair Debt Collection Practices Act. You may contact me at the phone number or email address mentioned above to discuss this matter further. I genuinely value our business relationship and have every intention to preserve it. Thank you for your understanding and cooperation. Sincerely, [Your Name]