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Anatomy Of The Collections Process:  An Overview With Efficiency Tips From A Seasoned Collections Lawyer

Attachment 8

Payment Agreement Letter With Agreed Judgment

Re:[Case style]

Dear :

Enclosed is the proposed Agreed Judgment we discussed which provides for recovery of the principal balance of the debt of $, interest of $ (___% from , through ,), and attorneys fees of $.  If it meets with your approval, please sign where indicated and return it to me by .  An additional copy is enclosed for your files. (Add if dealing with pro se debtor) As counsel for we are prohibited from doing so.

This is to confirm your/ your agreement to repay the Judgment in the above matter. / will begin making payments of $ or more per month beginning , and continuing thereafter on or before the day of each of the following months [Option] until the full amount of the Judgment is paid for a period of one year, at which time this agreement is subject to renegotiation..  Your/Your   checks should be made payable to ______________ and forwarded to my attention at _____________________. Should any payment be received more than five (5) days late, we reserve the right to proceed with all lawful remedies to collect on the Judgment. We agree to hold the Agreed Judgment in our file as long as the payments are made in a timely manner. Should any payment be received more than five (5) days late, we reserve the right to have the Judgment entered with the Court and to thereafter proceed with all lawful remedies to collect on the balance then owing on the Judgment.

If this payment agreement meets with your approval, I would appreciate your / where indicated below and return/ a copy to me with / first payment.  An additional copy is enclosed for your records.

Thank you very much for your/.

Sincerely,

[Attorney’s name]

DB:hcs

AGREED AND APPROVED:

(Corporate name, if applicable)

(Use “By” only for corporations, otherwise delete)

cc:[Client]

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