FREE PAYMENT PLAN LETTER SAMPLES
Online Free Payment Plan Letter Samples are written agreements between a lender and a borrower to establish a schedule for repaying a debt in installments.
The purpose of the letter is to provide a clear understanding of the terms and conditions of the repayment plan, including the amount and frequency of payments, the due date of each payment, and any late fees or other consequences of non-payment.
Here are two examples of a payment plan letter:
A payment plan letter between a borrower and a credit card company for repaying a balance on a credit card.
A payment plan letter between a borrower and a bank for repaying a personal loan.
FREE PAYMENT PLAN LETTER SAMPLES
Here is a sample of a notarized payment plan letter:
[Date]
[Borrower’s Name and Address]
[Lender’s Name and Address]
Re: Payment Plan Agreement
Dear [Lender’s Name],
I, [Borrower’s Name], hereby acknowledge my debt in the amount of [$Amount] to [Lender’s Name]. I understand that I am responsible for paying this debt in full and have entered into this payment plan agreement as a way to fulfill my obligation.
The terms of the payment plan are as follows:
- I agree to make [Number of Payments] payments of [$Amount of each payment] on the [Due Date of each payment].
- I understand that any missed or late payments will result in a [Late Fee Amount].
- This payment plan agreement is binding and enforceable under the laws of [State/Province].
I have signed this agreement voluntarily and understand the terms and conditions of the payment plan.
Sincerely,
[Borrower’s Signature]
[Borrower’s Printed Name]
Notary Public:
[Notary’s Signature]
[Notary’s Printed Name]
[Notary’s Seal/Stamp]
This letter is a legally binding agreement between the borrower and the lender, and the notary public attests to the authenticity of the borrower’s signature and the execution of the agreement.
Here is a sample of a simple payment plan letter:
[Date]
[Borrower’s Name and Address]
[Lender’s Name and Address]
Re: Payment Plan Agreement
Dear [Lender’s Name],
I am writing to request a payment plan for the outstanding debt of [$Amount] that I owe to [Lender’s Name]. I understand that I am responsible for paying this debt in full, and I would like to work out a payment plan that will allow me to repay my debt in a manageable manner.
I propose the following payment plan:
- I will make [Number of Payments] payments of [$Amount of each payment] on the [Due Date of each payment].
- I understand that this payment plan will be considered in default if I miss or fail to make any payment on time.
- I agree to communicate with you immediately if I am unable to make a payment as scheduled.
Thank you for considering my request. I am committed to repaying my debt and appreciate the opportunity to work out a payment plan with you.
Sincerely,
[Borrower’s Signature]
[Borrower’s Printed Name]
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