The Debt Collection Payment Plan Letter is a crucial document used when a debtor and creditor in Singapore agree to establish a formal repayment structure for outstanding debt. It becomes necessary when full immediate payment isn't possible, but both parties wish to establish a manageable repayment schedule. The document must comply with Singapore's strict debt collection regulations, including the Moneylenders Act and fair trading practices. It typically includes detailed payment schedules, interest calculations (if applicable), and consequences of default, while ensuring adherence to legal debt collection practices and personal data protection requirements.
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1. Debtor Information: Full name, address, and contact details of the debtor
2. Creditor Information: Full name, address, and contact details of the creditor
3. Debt Details: Original debt amount, current balance, and origin of debt
4. Payment Plan Terms: Proposed payment schedule, installment amounts, and payment methods
5. Duration: Timeline for the payment plan completion
6. Consequences of Default: Actions to be taken if payments are missed
1. Interest Rate Details: Details of interest charges on the outstanding debt, if applicable
2. Late Payment Fees: Specification of any applicable late payment penalties and charges
3. Early Settlement Option: Terms and conditions for early repayment of the debt
1. Payment Schedule: Detailed breakdown of payment dates and amounts
2. Original Debt Documentation: Copies of original debt agreements or statements
3. Direct Debit Authorization Form: Form for setting up automatic payments if required
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