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How to create a payment plan

How to create a Payment Plan - H, I'm Sally

There are some really simple rules to follow if you want to the set up a Payment Plan.

How to negotiate and create a payment plan with your debtor.

Many business owners, contractor, freelancer or sole trader do not think of a Payment Plan as being a very handy tool to get outstanding debts recovered. Often Payment Plans are seen as something ”corporates” do and as something that does not work for small businesses.

However, in a world where you hear radio ads that offer “a personal loan from $100 to $5000” provided by startup companies rather than banks, why not use the Payment Plan in a similar fashion?

After all, every outstanding debt is a loan to the debtor!

There are some really simple rules to follow if you want to the set up a Payment Plan.

  • After you got an understanding of the situation of your debtor, offer a Payment Plan.

Keep in mind"

A Payment Plan is a great way to start the flow of money back to the creditor and won’t force the debtor into financial trouble.