The Collection Payment Plan Letter is a crucial document used in Australian debt recovery processes to formalize payment arrangements between creditors and debtors. It serves as an official record of the agreed terms for debt repayment and is commonly used when a debtor cannot pay their outstanding balance in full immediately. This document must comply with Australian regulatory requirements, including the National Consumer Credit Protection Act 2009 and ASIC/ACCC Debt Collection Guidelines. The letter typically outlines the original debt, payment schedule, methods of payment, and consequences of default, while incorporating provisions for hardship considerations where applicable. It's designed to protect both parties' interests while facilitating a manageable repayment solution.
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1. Recipient Details: Full name and address of the debtor
2. Reference Information: Account number, debt reference number, and any other relevant identifying information
3. Debt Acknowledgment: Clear statement of the total amount owed and its origin
4. Payment Plan Terms: Detailed breakdown of payment amounts, frequency, and method of payment
5. Start Date and Duration: When the payment plan begins and expected completion date
6. Payment Methods: Accepted payment methods and relevant account details for making payments
7. Default Consequences: What happens if payments are missed or the plan is breached
8. Contact Information: How to reach the creditor/collector for queries or issues
1. Hardship Considerations: Include when the payment plan is arranged due to financial hardship, outlining any special considerations or provisions
2. Interest and Fees: Include when there are ongoing interest charges or fees applicable during the payment plan
3. Third Party Authorization: Include when a third party (such as a financial counselor or legal representative) is involved
4. Early Payment Options: Include when there are provisions for early payoff or payment plan acceleration
5. Debt Dispute Rights: Include when required by specific circumstances or regulations to remind the debtor of their right to dispute the debt
1. Schedule A - Debt Breakdown: Itemized list of the debt components including principal, interest, and any fees
2. Schedule B - Payment Schedule: Detailed calendar of payment dates and amounts
3. Appendix 1 - Payment History: Previous payment history or attempts at resolution (if relevant)
4. Appendix 2 - Supporting Documents: Copies of relevant original debt documentation or statements
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Debt Collection
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Collections
Accounts Receivable
Legal
Compliance
Customer Service
Financial Hardship
Risk Management
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Credit Management
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Relevant Roles
Credit Manager
Collections Officer
Accounts Receivable Manager
Financial Controller
Credit Controller
Debt Recovery Specialist
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Compliance Officer
Customer Service Manager
Financial Hardship Officer
Risk Manager
Operations Manager
Collection Team Leader
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