Looking for apology letter for late payment? Everyone at a moment in life encounters financial hardships likely to cause default on debt re-payment or meeting financial obligations.
When you are faced with such a situation, treat it with due respect and write an apology letter for late payment to your creditors. A good number of creditors will agree to your position provided you state clearly the reasons for failure and commitment to accomplish debt repayment.
When writing an apology letter for late payment, begin with an apology for failure to beat the deadline and state convincing reasons. Appreciate the fact that your creditors were kind enough to offer you the line of credit and that you expect them to allow more time to clear the loan.
Some creditors will add a penalty fee for late payment but try to negotiate for favorable concessions within the same later. Avoid getting personal and writing too many words.
Below is a sample apology letter for late payment written to a car dealer.
Sample Apology Letter For Late Payment
(Debtor’s business name)
(Debtor’s business address)
(Creditor’s representative title)
(Creditor’s business name)
(Creditor’s business address)
RE: LATE PAYMENT
I owe the company an apology for failure to meet my commitment to clear the payments within one month as stipulated in the agreement. There has been a delay from the side of my employers to clear my salary in time. This is my only source of income; I request for two more weeks to clear the debt.
I was very grateful when you offered me a car on credit and I have recommended many of my friends to your company.
I believe you will handle my request with a kind heart, and allow late payment based on the same conditions as stipulated in the agreement.
I will be grateful if my request is considered, Sir.
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