[Your Name] [Your Address] [City, State, ZIP Code] [Email Address] [Phone Number] [Date] [Recipient's Name] [Recipient's Position] [Company Name] [Company Address] [City, State, ZIP Code] Subject: Request for Payment Plan concerning Default Dear [Recipient's Name], I hope this letter finds you in good health. I am writing to discuss my financial situation regarding the outstanding balance that I owe [Company Name]. As a responsible individual, I understand the importance of honoring my financial obligations, and I am committed to resolving the delinquency in a mutually beneficial manner. Due to unforeseen circumstances beyond my control, I am unable to make the full payment of [Amount Owed] at this time. However, I am dedicated to rectifying this matter and propose to establish a payment plan that allows me to fulfill my debt obligations without causing further financial strain. I kindly request that you consider my proposal for a payment plan, which I believe is a fair and reasonable arrangement considering my current financial circumstances. The following are the terms I am proposing: 1. Monthly Payments: I propose making monthly payments of [Proposed Amount] towards the outstanding balance until the debt is fully satisfied. 2. Payment Start Date: I would like to initiate these payments starting from [Start Date], which will provide me with sufficient time to make necessary arrangements. 3. Payment Method: I would prefer to make payments through [Preferred Payment Method, e.g., bank transfer, online payment portal, check, etc.]. Please confirm your preferred payment method if different. 4. Duration: I propose a duration of [Proposed Duration, e.g., 6 months, 1 year, etc.] to complete the payment plan successfully. I firmly believe that this payment plan will enable me to clear my outstanding debt in a reasonable timeframe, while simultaneously ensuring [Company Name] receives the owed funds. It is my utmost priority to maintain a good financial standing and promptly settle my obligations. I understand that my current financial situation may have caused inconvenience for [Company Name], and I apologize for any inconveniences caused. I assure you that I am committed to adhering to this proposed payment plan without any delay, and I request your understanding and cooperation during this time. Furthermore, I kindly request you to review this proposal and provide me with your acceptance or any modifications you deem necessary. Please document our agreement in writing or send me a formal payment plan agreement to sign, which clearly outlines the terms and conditions we both agree upon. I would appreciate your prompt response so that we may reach an amicable resolution as soon as possible. Should you require any additional documentation or information from me, please do not hesitate to reach out. I can be contacted at the above-mentioned details. Thank you for your attention to this matter, and I look forward to your favorable response. Sincerely, [Your Name]