GUIDELINES

  1. Make the agreement formal if needed. This is so the contract can be legal just in case.
  2. Clearly state the terms of the agreement, including the plan for the repayment.
  3. End with a formal closing note.

SAMPLE LETTER

[Senders Name]
[Address line]
[State, ZIP Code]

[Letter Date]

[Recipients Name]
[Address line]
[State, ZIP Code]

[Subject: Normally bold, summarizes the intention of the letter] -Optional-


Dear [Recipients Name],

Mr. Scott, the borrower, has agreed to pay Ms. Charles, the loaner, the agreed sum of $ 1000 on or before November 1, 2007.

(include the rest of the details of the payment agreement)

Signed:

(put the signature of both parties)

Sincerely,

[Senders Name]
[Senders Title] -Optional-

[Enclosures: number] - Optional -
cc: [Name of copy recipient] - Optional -