Arrangement is needed when something or someone turned into a condition where it can affect some aspects that hard to fulfill the requirement. For example in a financial issue, when someone or an instance had a condition where it difficult to follow the preliminary agreement to pay off debts, the concerned can deliver a payment arrangement agreement letter to get an extenuation.
Why Should Address This Letter?
By considering the condition, this letter will be the best appropriate way for the concerned to deal with financial issues. Addressing this type of letter will make the concerned look be more professional to ask some extenuation in fulfilling order rather than begging for sympathy. This will be meaningful for the receiver to be the grounds to considering the condition from the concerned.
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What Kind Of Event That Appropriate For Payment Arrangement?
There are some reasons that may increase the opportunity for the debtor to grant a payment arrangement. Here are those:
The Family Lost
Despite the death of one of the family member, there are many things to make this reason to be rational. The things such as damaged mentally, a time for mourn, and any other related to this loss.
This is a very common reason to ask for extenuation towards the debtor. This reason is very clear related to a financial problem that occurs after losing jobs.
Natural disaster, caught by the law, or any other uncommon things that will interfere with the payment process will be a good reason to be included in the letter.
How To Write Payment Arrangement Agreement Letter?
This letter format must state all the required information related to the concerned as it becomes a contract. Usually, the agreement includes the original debt owed, and payment terms work for the debtor. The agreement also clearly states the amount of the nominal value and the due date as long as both parties agree and sign the letter.
Example Of Payment Arrangement Agreement Letter
Here is an example which may help you to make the new one.
Dear Mr. Lucky:
We apologize for the unexpected condition that has affected your finance. Thank you for taking our prior call to discuss this matter. We would like you to agree on the following payment arrangement plan that we discussed over the phone.
Current Debt: $500+ for account number #xxxx; originally due March 31, 2020.
The payee has agreed to pay back this total amount in $50 payments monthly. Each payment is due by the end of the first week every month. The first payment will be due on July 7, 2020. The final payment will be due on May 8, 2021. These payments are acceptable by any kind of method available. A bill will be sent monthly that must be mailed back to our department at:
c/o Collections Department Act 123-12345
PO Box #XXXXX
Colorado, CO XXXXX
Once paid, BOBO Collection agrees to not press any further claim on behalf of your company.
This payment arrangement is agreed to by both parties and will valid on the date once both parties have signed this letter.
Thank you for your responsible in this matter,
Accounts Representative with BOBO Collections
I have read and understood this agreement and responsible to accept the terms.
BOBO Collections on Behalf of BCD Company.
At last, may this information is useful in understanding the letter. Please, do not hesitate to edit the example according to your needs.