Payment plays a very significant part in any business as it keeps all the business activities intact. Imagine that if your business keeps supplying product or services with getting the actual payment. Therefore, payments acquire bread and butter to the table of business.
So when a person cannot make the whole payment instantly letter proposing payments in instalments plays a very important role. This will ensure that the business is earning bread and butter to carry out its day to day business activities
In case if the person is a debtor then he can use it this letter proposing payments as a piece of evidence in the court to the further consequences.
When to use this letter
The letter proposing payment in instalments can be used in the following situation:
- In a case, if your company owe some money from the other company
- When payment cannot be made fully immediately
- In case if you want to stop the creditor from taking further action against you
What it covers
This letter proposing payment in instalments covers:
- The first and foremost it shall contain the offer to pay off the debt regularly in instalment
- Name, address, phone number, email id and account number of both the parties involved
- Date and details of request proposing to pay or getting the payment
- The true reason behind the request of a letter proposing payment in instalments
- The letter shall also contain blank space for any suggestion or opinion
- The letter should also contain the agenda including the future plan of action