When a debtor agrees to pay the amount owed to their creditor, they can use this Payment Agreement Letter to show their intent to pay.
[Sender’s Name]
[City, State and Zip Code]
[Mobile Number]
[Date]
[Recipient’s Name]
[City, State and Zip Code]
[Mobile Number]
Subject: Payment Agreement between [Names of Involved Parties]
To Whom It May Concern,
This payment agreement has been entered between [Names and details of Involved Parties] for the payment of [Amount] owed to [Name]. Following your goodwill to extend the repayment period to [Date], the payments will be made in the agreed repayment schedule.
The payment will be made to your bank account [Number] on [Date] of every month. All previously discussed repayment terms are accepted. This agreement letter is written with witnesses [Witness Name and Details].
Sincerely,
[Sender’s Name]
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