Debt & Finance
- Business & Corporation
- Wills & Estate Planning
- Debt & Finance
- Debts & Collections
- Credits & Loans
- Banking
- Trademarks, Patents & Copyrights
- Family Law
- Real Estate & Landlord Tenant
- General
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.
FREE
2 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.
FREE
3 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.
FREE
4 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.
FREE
5 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.
FREE
6 Agreement to Compromise Debt
On occasion a company or individual will encounter a customer who clearly cannot pay, despite the desire to do so. In this case, it may be better to accept a partial payment than to try in futility to collect the entire amount. In this case the best plan may be to a lesser amount which the debtor will agree to pay off.
This document is an agreement between debtor and creditor to a lesser debt amount and both parties agree to comply with the lesser amount and the payment terms set forth.
FREE
7 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.
FREE
8 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.
FREE
9 Second Payment Request
Following a first request to make payment, if the customer or client has still not paid, they may need a second reminder. This letter not only further notifies the customer of default but also creates documentation of the failure to pay should legal issues arise.
Use this document to issue a second notice of failure to pay and to request payment.
FREE
10 Notice of Assignment to Collection Agency
After multiple notices of late payment and/or demand for payment a company may need to take action with regards to a customer who shows intent to avoid payment. Often a company may assign a debtor to a collection agency who will then be in charge of retrieving payment from the debtor. A collection agency will either buy the debt outright or receive a percentage of the payments when or if they are received. Use this document to notify a debtor of your full intention to collect on the account, and let the debtor know you are turning the account over to a collection agency.
FREE
LawSmart | Guides | About Us | Contact Us | Terms and Conditions | Legal Glossary | Legal Advice Disclaimer | Privacy Policy | FAQ | Sitemap
The LawSmart Library Forms and documents are for educational purposes. Due to the intense personal nature of any legal issue, it is suggested that you consult with appropriate legal counsel to ensure your issues are effectively resolved.
©1995 - 2012 LawSmart.com
