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Debt Collection Payment Plan Letter

Debt Collection Payment Plan Letter Template for Australia

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Key Requirements PROMPT example:

Debt Collection Payment Plan Letter

"I need a Debt Collection Payment Plan Letter for collecting a business debt of AUD 45,000 from a small company, with monthly installments of AUD 3,750 starting March 2025, including provisions for early payment discount and default interest rate of 5%."

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Document background
The Debt Collection Payment Plan Letter is a crucial document used in Australian debt recovery processes when a debtor agrees to settle an outstanding amount through structured payments. This document is typically employed when full immediate payment isn't possible, but both parties agree to a systematic repayment schedule. It must comply with Australian legislation including the National Consumer Credit Protection Act 2009, Privacy Act 1988, and ACCC-ASIC Debt Collection Guidelines. The letter details payment amounts, frequencies, methods, and duration, while incorporating necessary consumer protections and fair debt collection practices. It's particularly useful for businesses, financial institutions, and debt collection agencies seeking to formalize payment arrangements while maintaining professional relationships with debtors and ensuring legal compliance.
Suggested Sections

1. Sender Details: Full business name, address, and contact information of the creditor or collection agency

2. Date: Current date of the letter

3. Recipient Details: Debtor's full name and address

4. Reference Information: Account number, debt reference number, and any other relevant identifiers

5. Debt Acknowledgment: Clear statement of the total debt amount and its origin

6. Payment Plan Terms: Detailed breakdown of payment amounts, frequency, and duration

7. Payment Methods: Accepted payment methods and relevant payment instructions

8. Due Dates: Clear specification of when payments are due and consequences of late payment

9. Agreement Statement: Statement confirming that both parties agree to the payment plan terms

10. Signature Blocks: Space for both parties to sign and date the agreement

Optional Sections

1. Default Provisions: Include when specific consequences for default need to be outlined

2. Interest Rate Details: Include when interest continues to accrue during the payment plan

3. Early Payment Options: Include when offering discount or benefits for early payment completion

4. Hardship Provisions: Include when addressing specific financial hardship circumstances

5. Debt Dispute Rights: Include when required by local regulations or when dealing with contested debts

6. Privacy Statement: Include when handling sensitive personal or financial information

7. Third Party Authorization: Include when a third party is authorized to act on behalf of the debtor

Suggested Schedules

1. Payment Schedule: Detailed calendar of payment dates and amounts

2. Original Debt Documentation: Copy of original invoices or debt verification documents

3. Direct Debit Authorization Form: If automatic payments are being set up

4. Debt Calculation Breakdown: Detailed breakdown of principal, interest, fees, and total amount

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions






























Clauses

























Relevant Industries

Financial Services

Retail

Healthcare

Utilities

Telecommunications

Professional Services

Education

Real Estate

Construction

Manufacturing

Small Business

Relevant Teams

Collections

Accounts Receivable

Finance

Legal

Compliance

Credit Control

Customer Service

Risk Management

Operations

Relevant Roles

Credit Manager

Collections Officer

Accounts Receivable Manager

Financial Controller

Credit Control Officer

Debt Recovery Specialist

Legal Counsel

Compliance Officer

Finance Manager

Account Manager

Business Development Manager

Risk Manager

Customer Service Manager

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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