A Payment Plan Letter to Debtor is a crucial document used when establishing formal repayment arrangements for outstanding debts in Singapore. This document is particularly relevant when creditors wish to formalize payment arrangements with debtors who cannot immediately settle their full debt. The letter must comply with Singapore's legal framework, including the Civil Law Act and Moneylenders Act, and typically includes detailed payment schedules, interest calculations, and default provisions. It serves as a legally binding agreement that protects both parties' interests while facilitating debt resolution.
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1. Recipient Details: Full name, address and contact information of the debtor
2. Debt Acknowledgment: Statement confirming the total outstanding debt amount and its origin
3. Payment Terms: Detailed payment schedule including installment amounts and due dates
4. Interest Rate Declaration: Clear statement of applicable interest rate and calculation method in compliance with Singapore law
5. Default Provisions: Consequences of missed payments and remedies available to the creditor
1. Grace Period Terms: Optional terms for payment flexibility and buffer periods
2. Early Payment Incentives: Terms and conditions for early payment discounts or benefits
3. Collateral Details: Information about any security or collateral provided for the debt
4. Dispute Resolution: Procedures for handling disputes and disagreements
1. Payment Schedule: Detailed breakdown of payment dates, amounts, and running balance
2. Original Debt Documentation: Copies of original agreements, invoices, or documents establishing the debt
3. Statement of Account: Current account statement showing debt calculation and payment history
4. Interest Calculation Schedule: Detailed breakdown of how interest is calculated and applied to the debt
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