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A promissory note allows a borrower to make a legally binding promise to pay back a specific sum of money to another party according to the specific timeframe and terms outlined in the document, which include the principal money owed, any interest rate being charged as well as a due date.
A Final Demand for Payment is a written notice you send to someone who owes you money after all other notices or requests for payments have gone unanswered. This letter is the final demand for all money owed to you before you send this bill to a collection agency for further action or pursue legal action against your debtor.
When you have a large debt that you cannot entirely pay off, it is time to write a settlement offer. This document explains to your creditor what percentage of the balance you can pay off. Most lenders are willing to negotiate because collections is time-consuming and costly. The letter should be specific about how much can be paid by when.
If you have a client or customer who has forgotten to make a payment or is simply not up to date, a Payment Request (1st) may be useful as a reminder. It will contain information regarding when the payment is due, how much is owed and how and where the payment can be made.
If you need a loan?s rates or terms revised, you will have to most likely write a hardship or loan modification letter to the lender. This document explains the reasons, commonly extenuating circumstances such as a job loss or illness, behind hardship or late payments. This letter should also explain past efforts to remedy the issue.
The Request for Credit Report is a form that you can fill out in order to request a free copy of your credit report from the three nationwide consumer credit reporting companies. Federal law gives you the right to get a free copy from each company once every 12 months, either all at once or one at a time.
When you and a creditor reach a loan payment agreement, an agreement to compromise debt is created to explain the payment details. Part of the debt is erased and you agree to pay the rest. Repayment could happen all at once or on a schedule. However, if you do not keep up with the payments, the full amount is due.
If you have not made payments for a piece of property, the lender may send a notice of intent to repossess. This gives you enough time to work out repayment. However, if an agreement is not created, the lender will seize the property or use a third party group for this.