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1 Final Demand for Payment

When a customer or client has repeatedly failed to bring an account up to date, in other words failed to make payments that are due, it may be necessary to make a final demand for payment. At the same time it might be in the best interest of both parties to try and maintain the relationship, therefore a non-confrontational final demand might be the best option.

Use this document to make a final demand for payment in a non-confrontational manner, but let the customer know that the account is seriously delinquent and that action will be taken if the account is not brought up-to-date. Note that by providing a 10-day notice, as this letter does, the company obligates itself to take action after 10 days. Failure to do so will send the message that you're not to be taken seriously on this matter, and further collection efforts will be even more difficult.

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2 Promissory Note

A Promissory Note, often referred to as a Note, is a signed promise to pay a debt. The person making the promise (the borrower), makes an unconditional promise to pay the lender, or holder of the Note, a fixed sum of money over a fixed amount of time. In the event payment is not made, the lender has the ability to sue for non-payment, whereas the borrower has no right to counter sue. A party also cannot sue for punitive damages (damages above and beyond the amount specified in the Promissory Note) based upon the debt owed. Promissory Note is not a simple acknowledgement of debt; it is a legal promise to repay the debt. This Promissory Note is a promise to repay a specific sum, and has the option to include interest payments. This Note may also be secured by some item, such as a motor vehicle, piece of jewelry or other item of value.

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3 Debtor's Settlement Offer

There are times and circumstances during which creditors will accept reduced payment in full settlement of a debt. The savings resulting from these agreements can be substantial, and you can often negotiate an improvement in your credit report as well. The law of contracts binds you to the terms of your offer, so be certain that you can do what you promise. The creditor can respond in three ways. He can accept your terms, in which case you have a contract. He can vary the terms of your offer, in which case, you are still negotiating. Or he can reject your offer outright. If you are behind on your payments and suspect that your creditor may be open to a settlement offer, use this form to offer a settlement on terms that you can live with.

When a debtor desires to settle a debt with a creditor he or she may do so by initiating negotiations with a settlement offer letter. Use this letter to make an offer to a creditor to settle a debt and set forth parameters of the settlement.

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4 Request to Correct Credit Report

A credit report is a record of an individual's or company's past borrowing and repaying, including information about late payments and bankruptcy. It is used in determining an individual's willingness to repay a debt.

Once you have your credit report in your possession, and you determine that there is one or more errors, you will want to request that the erroneous entries be investigated and corrected. You need to complete a send a separate document to each reporting agency with which you want to correspond. Use this document to request a correction to your credit report.

Errors that are commonly disputed are balances on accounts, negative information (such as late payments) being erroneously put on the credit report and accounts not belonging to you appearing on your credit report.

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5 Notice of Intent to Repossess

In the event of a debtor's failure to pay it may be necessary the goods which the debtor has failed to pay for. If this situation arises it is important to send written notice to the debtor and warn them of your intent to repossess. This will create a paper trail should legal proceedings become necessary, as well as give proper warning to the debtor and a last chance to make good on the payment.

Use this document to notify a debtor of your intent to repossess the good or goods they have failed to make timely and/or full payment on.

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6 Payment Request (1st)

Upon the failure of a client or buyer of goods to maintain his account, in other words keep up to date with payment, a seller of goods may remind the client of his failure to pay. A payment request is often enough to prompt payment from a buyer who has simply forgotten. Use this document to notify a client or buyer of goods that they still owe money on their account and remind them to pay.

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7 Request for Credit Report

A credit report is a record of an individual's or company's past borrowing and repaying, including information about late payments and bankruptcy. It is used in determining an individual's willingness to repay a debt. The three major credit reporting agencies from where you would need a credit report are Equifax, Experian and Trans Union. Because other reporting firms gather your credit profile from a subset of one or more of these three major agencies, it's always a good idea to get a report from each agency. A separate request needs to be completed for each agency from which you want a credit report.

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8 Loan Modification Letter

In an attempt to negotiate and modify a mortgage or mortgage payments, a borrower may seek to appeal to the lender with a written request to modify. The letter will explain the reason for the hardship, and need for a reduced payment, as well as explain why the borrowers current situation is changing in a positive way.

This letter will enable a borrower to explain his or her difficulty in making payments in the current amount, and to advocate for a reduced payment with reasons why the new payment will be easier to comply with.

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