In today’s economy, this Monthly Partial Payment to Creditor letter is needed more than ever. Let’s face it - many organizations are having a
difficult time paying balances in full.
If you have agreed to a payment plan with a creditor, you need to put it in writing.
It will be a great start to send this letter with your first payment.
Sending this letter early on will reiterate your understanding of your agreement and show the creditor that you will be paying off your balances even earlier if you are able.
Show them you are professional and easy to work with and they will be more likely to work with you in the future!
In accordance with our agreement, I am enclosing our check in the amount of $28.46, which represents a minimum payment that you can expect each month from our firm.
As you will note, this amount will decrease the balance owing to zero in twelve payments.
Naturally, if we can generate a check, either more frequently or in larger amounts, please be assured that we will.
Furthermore, we are hopeful that we will be successful in collecting some of our very large receivables, which would enable us to pay the entire amount due.
Thank you for your courtesy and cooperation