The Collection Payment Plan Letter is a critical document used in Canadian debt collection processes when a debtor and creditor agree to structured payment terms for outstanding debt resolution. This document is typically implemented when standard payment terms have not been met and parties agree to a modified payment schedule. The letter must comply with various Canadian federal and provincial regulations, including the Collection and Debt Settlement Services Act, Consumer Protection Act, and relevant privacy laws. It includes essential details such as the outstanding amount, payment schedule, methods of payment, and consequences of default. The Collection Payment Plan Letter serves as a formal agreement that helps prevent misunderstandings and provides legal protection for both parties while facilitating debt recovery in a regulated and systematic manner.
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1. Header Information: Date, creditor's details, debtor's details, and reference/account numbers
2. Debt Acknowledgment: Clear statement of the total outstanding debt amount, original debt source, and any accumulated interest or fees
3. Payment Terms: Detailed breakdown of the proposed payment schedule, including payment amounts, frequency, and start date
4. Payment Methods: Acceptable payment methods and detailed instructions for making payments
5. Duration: Total duration of the payment plan and expected completion date
6. Default Provisions: Consequences of missing payments and what constitutes a default under the plan
7. Signature Lines: Space for both parties to sign and date the agreement
1. Interest Rate Details: Include when interest will continue to accrue during the payment plan period
2. Early Payment Provisions: Include when offering options for early payoff or payment acceleration
3. Collection Activity Suspension: Include when specifying that collection activities will be suspended while the plan is in good standing
4. Credit Reporting: Include when addressing how the payment plan will be reported to credit bureaus
5. Dispute Resolution: Include when there's a need to specify how disputes will be handled
6. Language Rights Notice: Include when operating in jurisdictions with language requirements (e.g., Quebec)
1. Payment Schedule: Detailed calendar of payment dates and amounts
2. Debt Breakdown: Itemized list of debt components including principal, interest, and fees
3. Authorization Form: Pre-authorized debit form or payment authorization if applicable
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