Letter to Creditor Proposing Payment Plan


If you have debts and you cannot make immediate payment for your debts then you can write a letter to creditor proposing your payment plan. In the letter, you can write about your plan of paying off your debts by fixed and regular installments. The letter can also be used for installment payment to stop the creditor from taking any further action against you. You should outline all the details of your payment plan proposal thoroughly so that the creditors are confident in your ability to repay all your debts.


The letter can be used

  • When you and your organization are confident that you have owed some money to someone
  • When whole payment of the debt cannot be made immediately
  • When you want to stop the creditor from taking any wrong action against you and your organization

You can also take the help of your lawyer and ask him for

  • The debt which is claimed against you is incorrect
  • Dispute about the debt whether you owe the debt or not
  • Advice on protecting the proceedings of debt
  • Explain your rights which are in contract

The reason behind writing a letter to creditors is that you can advise them about your current situation and ask them to communicate with you. Although you cannot stop the creditors from charging you interest they can help you by finding different ways to fight against your circumstances.



letter to creditor proposing payment plan


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(Distribution) by Kate Elizabeth(CEO)