A Late Payment Cover Letter is a document that is sent to a creditor to explain why a payment was not made on time and to request some form of leniency. It outlines the steps that the debtor has taken to make the payment, such as attempting to secure additional funds, and offers an apology for the delay. The letter will also include a proposal for how the debt can be repaid, such as a payment plan. There are two types of Late Payment Cover Letter: 1) Negotiation Letter: This type of letter is designed to negotiate with creditors to come to an agreement on how the debt will be paid. It may include an explanation of the circumstances that led to the late payment and an offer of a payment plan. 2) Apology Letter: This type of letter is focused on apologizing for the late payment and expressing regret for not paying on time. It may include an explanation of the circumstances that led to the late payment and an offer of a payment plan.
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