Sample letter of instalments payment agreement uk

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 we'll cover

• About Letters Accepting Payments in Instalments
• Letter Accepting Payment in Instalments FAQs
• Letter Accepting Payment in Instalments checklist

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:

• if you are a creditor and are owed money by a debtor
• when you have received an offer to pay off a debt by instalments of a regular, fixed amount
• to agree to the proposal to repay the debt in regular, fixed instalments