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As its name indicates, a late payment letter of explanation is a letter that accounts for the circumstances surrounding any delinquent or tardy repayments of loan installments or credit card bills.
A late payment on a credit card or loan may feel like a small mistake, but it can have lasting effects on your finances. Missed payments can lead to late fees and higher interest rates .
Using a student loan letter sample could help resolve many common student loan issues, from misapplied payments to debt in collections. Here are some letters you can use when you want to…
Penalty interest, also called penalty APR (penalty annual percentage rate), [1] default interest, interest for/on late payment, statutory interest for/on late payment, [2] [3] interest on arrears, or penal interest, in money lending and in sales contracts is punitive interest charged by a lender to a borrower if installments are not paid according to the loan terms.
A demand letter, letter of demand, [1] (of payment), or letter before claim, [2] is a letter stating a legal claim (usually drafted by a lawyer) which makes a demand for restitution or performance of some obligation, owing to the recipients' alleged breach of contract, or for a legal wrong.
A non-performing loan (NPL) is a bank loan that is subject to late repayment or is unlikely to be repaid by the borrower in full. Non-performing loans represent a major challenge for the banking sector, as they reduce profitability. [ 1 ]
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