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Debt Collection Payment Plan Letter

Debt Collection Payment Plan Letter Template for Singapore

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Debt Collection Payment Plan Letter

"I need a Debt Collection Payment Plan Letter for a small retail business in Singapore to recover $25,000 from a customer, with monthly installments over 18 months starting from March 2025, including a 5% late payment fee provision."

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What is a Debt Collection Payment Plan Letter?

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.

What sections should be included in a Debt Collection Payment Plan Letter?

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

What sections are optional to include in a Debt Collection Payment Plan Letter?

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

What schedules should be included in a Debt Collection Payment Plan Letter?

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

Authors

Alex Denne

Head of Growth (Open Source Law) @ 黑料视频 | 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






























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Industries

Moneylenders Act (Chapter 188): Primary legislation governing money lending in Singapore, including interest rate restrictions and licensing requirements for moneylenders

Consumer Protection (Fair Trading) Act: Protects consumers against unfair practices and ensures fair trading terms in debt collection processes

Banking Act: Regulates banking institutions and their debt collection practices when involving bank-related debts

Personal Data Protection Act 2012 (PDPA): Governs the collection, use, and disclosure of personal data in debt collection processes

Limitation Act: Sets time limits for debt recovery actions and defines statute of limitations for different types of debts

CCAS Debt Collection Guidelines: Industry guidelines by Credit Collection Association of Singapore defining ethical debt collection practices

MAS Guidelines: Monetary Authority of Singapore's regulatory guidelines for debt collection by financial institutions

Registry of Moneylenders' Guidelines: Specific guidelines for licensed moneylenders regarding debt collection practices and documentation

Singapore Code of Advertising Practice: Guidelines governing advertising and communication practices in debt collection

SPF Guidelines for Debt Collectors: Singapore Police Force guidelines outlining acceptable debt collection practices and behavioral standards

Bankruptcy Act: Relevant provisions regarding handling of debts in cases where bankruptcy is a consideration

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, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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