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Including a clear description of the payment plan Clearly state the date the payment plan agreement is being created. List the full names of the parties involved in the agreement. Provide an itemized list of the payments that need to be made, including the payment amount and due date for each payment.
Explain the schedule of payments. You should include the date the loan will be paid in full. You also might want to attach to your payment agreement a schedule listing when monthly payments are due. On your schedule, list the day of each payment and the amount that the borrower should pay.
Including a clear description of the payment plan Clearly state the date the payment plan agreement is being created. List the full names of the parties involved in the agreement. Provide an itemized list of the payments that need to be made, including the payment amount and due date for each payment.
State what each side agrees to do. Clearly write out the terms of the loan. Include information about the date of the loan, the payment terms, interest, schedule of payments, late charges, default, and any other details in the agreement. Explain that the contract represents the entire agreement.
For example, you may come up with a goal to pay off your debt in three years, and from there, you decide to figure out how you can get there by paying off $400 each month. Your plan might include specific strategies for lowering your interest costs or increasing your income so you can meet your goal.
Create a Plan of Attack Prioritize Your Debts. Rearrange your debts in order of which one you'd like to tackle first. ... Focus on a Single Debt. ... Figure out your expenses. ... Go for the big wins. ... Go for the easy wins. ... Set up auto-pay. ... Make extra payments. ... See if you can move the payment due dates.