A payment plan can be understood as an extension of the invoice due date. It describes a multi-step schedule for collecting payments on an invoice and it ensures you can repay your balance in a way that’s manageable.
How do you use a Payment Plan?
When setting up a payment plan between 2 parties, you need to consider:
- How much you can pay so you can meet each scheduled installment (including interest that may accrue on any overdue amounts)
- Your future obligations
In some instances, we may need to know more about your financial situation and circumstances. This is so we can work with you to set up a manageable payment plan that suits both of us.
Consider these tips to make the most out of your Payment plan:
- Understand the different types of Payment plans. For example, with some installment programs, you may be able to choose specific purchases to plan for, while others, allow you to choose a portion of your balance.
- Know how much the loan will cost you over its lifetime, how much your monthly payments will be, and whether you will be able to make the payments.
- Set up pre-authorized payments or enroll to receive payment alerts to avoid missing due dates or paying late fees.
- If your direct debit is set to pay your account’s minimum due, this will include any installment amounts. If your direct debit is set to pay the full balance due, it will not include any installment balances not yet due.
- Take the time to review and understand all the terms and conditions before confirming your plan.
After downloading this sample payment agreement between two parties template and filling in the blanks, you can easily customize the style, typography, details, and appearance of your Payment Plan. If this isn't the right document that you are looking for, then certainly take a look at the other letters that Bizzlibrary.com has to offer. We have many letters ranging from cover letters to business letters and thank you notes.
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Keturah Jenkins - GBR
Great payment plan, it's always important to make a contract, even with lending amongst friends
This is a useful contract to make a payment agreement.
Olen Davidson - DEU
Thank you for this!!
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