Good Faith Partial Payment to Creditor Template

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GOOD FAITH PAYMENT TO CREDITOR

[DATE]

Dear [RECIPIENT NAME],

I am writing this letter to notify you that I have received your letter dated [DATE 1] regarding my account number [NUMBER] which currently has an outstanding balance amounting to $[NUMBER 1].

Recently, we have experienced a few problems in terms of compiling and gathering all of the necessary accounts receivable. As a result, it has affected all other transactions as well. This has made it more difficult to settle the remaining balance.

As an assurance of equal treatment for all other creditors, I am proposing to you the following plan. I shall compensate for the remainder of my balance by sending monthly payments of $[NUMBER 2] over the course of [NUMBER 3] months until the problem has been satisfied. As a sign of good faith and hope for the acceptance and support of this proposal, I have enclosed a check for the amount of $[NUMBER 4] within this letter. It is also only expected that I pay for the whole balance owing on the account should a few of the larger account receivables be successfully collected within the next coming months.

In light of this distressing matter, I am thankful for your time and patience. I am hoping for your consideration and cooperation regarding my proposal. If there are any questions you would like for me to answer or if there’s any information needed from me, I can be directly contacted at [YOUR PHONE NUMBER] or at [YOUR EMAIL ID].

Regards,

[YOUR SIGNATURE]

[YOUR NAME]