OTHER NAMES
Payment plan
Debt payment plan
Debt repayment plan
Letter accepting payment in instalments
Debt management plan
Payment plan agreement
Payment plan agreement letter
Instalment agreement letter
Debt payment letter
Debt repayment letter
Instalment payment agreement
What is a Letter Accepting Payment in Instalments?
A Letter Accepting Payments in Instalments is a document used by a creditor (ie someone who is owed money by another party) to accept their debtor’s (ie the party owing the money) request to repay the debt in instalments. Letters Accepting Payments in Instalments are formal legal agreements that form the basis of debt repayment plans.
When should I use a Letter Accepting Payments in Instalments?
Use this Letter Accepting Payments in Instalments:
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if you are a creditor and are owed money by a debtor
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when you have received an offer to pay off a debt by instalments of a regular, fixed amount
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to agree to the proposal to repay the debt in regular, fixed instalments