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Installment Account Settlement
INSTALLMENT ACCOUNT SETTLEMENT
Date: [Date of letter]
To: [First name of debtor] [Last name of debtor]
[Company of debtor]
[Address of debtor]
[City of debtor], [State of debtor]
[Zip Code of debtor]
Dear [Mr./Mrs.] [Last name of debtor]:
We are pleased to settle your outstanding receivable by agreeing to an installment plan whereby you will pay off the outstanding balance in [number of installments] installments of $ [amount of installments] dollars per month. Under this agreement, your first payment will be due on [first payment is due].
We look forward to your future business. If this meets with your understanding, kindly sign the enclosed copy of this letter agreement under the words "Agreed to and accepted" and return that signed copy to us. Thank you.
Sincerely, Agreed to and accepted:
Signature Date