GUIDELINES
- Sometimes when a customer is not making his/her payments, the only way to collect the amount is to offer an alternate plan. Make sure that the client finds the new payment method suitable for him/her.
- Appreciate the customer for doing business with you.
- Tell the reader that you comprehend his/her difficulty in depositing the payment for now.
- Propose a different method or schedule of payment.
- Ask the reader to respond.
SAMPLE LETTER
[Address line]
[State, ZIP Code]
[Letter Date]
[Address line]
[State, ZIP Code]
[Subject: Normally bold, summarizes the intention of the letter] -Optional-
Dear [Recipients Name],
Thank you very much for choosing Westside Bank. Perhaps you have simply overlooked it, but your loan payments for the past two months have not yet been settled. We would, therefore, like to suggest that the loan is completely restructured to suit better your current circumstances. Please contact us at 434-3434 at the soonest possible time to avoid further penalties and to finalize the new payment scheme.
Sincerely,
[Senders Name]
[Senders Title] -Optional-
[Enclosures: number] - Optional -
cc: [Name of copy recipient] - Optional -
Sample letter to suggest that a loan restructure.
Further things to consider when writing suggestion letters to debtors
Suggestion Letters
Suggestion letters are letters written to give an option, recommend something or give a point of view on an issue. A suggestion letter can be written to either request for a suggestion or give a suggestion requested for. The letter can be formal or informal based on the setting. In a business setting the letter should be formal and professional while in a personal or private setting the letter can be informal and casual. A suggestion letter should be sent promptly and should provide the best advice to help the recipient solve the issue at hand.
When writing suggestion letters, you need to be genuine. State that the opinion you are giving is up to the best of your knowledge. If you have given any suggestions successfully in the past, this is a great opportunity to refer to the effectiveness of those suggestions. Be courteous and assure the recipient that you have carefully analyzed the situation and that the given recommendation is the best solution or settlement. Do not forget to mention any potential benefits of the given recommendation. Be polite and maintain a soft tone. Conclude by asking the recipient to contact you in case of any queries.
Letters to Debtors
Letters to debtors are letters you write to people or institutions that owe you money. Mostly, these are collection letters to inform the recipients of the defaulted payments or demand letters to warn them about eventual legal actions. These letters are usually sent after unsuccessfully trying to get your payment, and it is time to take a more serious action. If you are running a business and you have clients who haven't paid for merchandise or services, your business could suffer financial uncertainty and difficulties. But then, you want to maintain goodwill and not damage the business' s reputation in the community.
When writing letters to debtors, especially those asking for payment, you need to be professional. Start with a friendly letter and if the failure to pay continues, get progressively more serious. Provide important details about the debt - state how much is owed and when the payment should be made. For subsequent letters, use a firm tone but be considerate and professional so as not to ruin the possibility of future deals with the recipient. Recount any conversations that have happened since the first letter. End with a note of anticipation to having the situation resolved.
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