Payment Plan Management
Structured payment arrangements when full settlement is not immediate. Monitored, enforced and designed to protect your position.
Sometimes the debtor can pay, but not all at once. A well-structured payment plan recovers the money without the cost and delay of court, and keeps a customer who may trade with you again. A badly structured one is a licence to pay nothing for months.
We negotiate the plan, document it, collect the instalments and chase the moment one is missed. If the plan fails, the file moves straight back into recovery with nothing lost.
How it works
- 1
Affordability
We ask the debtor to evidence what they can pay and when. For companies that may mean recent accounts or bank statements; for individuals, an income and expenditure summary.
- 2
Terms
The plan sets out the total, the instalment amount and dates, how payment is made, and what happens on default. Where appropriate it includes an acknowledgement of the debt, which restarts the limitation period.
- 3
Collection
Instalments are paid to you directly or through us, as you prefer. Each one is logged in your client portal.
- 4
Default
A missed instalment triggers contact the same day. A second missed payment, or any sign the plan was never serious, and we recommend ending the arrangement and escalating.
Who this is for
- Businesses owed larger sums by customers who are trading but short of cash
- Landlords agreeing arrears repayments with current or former tenants
- Anyone who has agreed a plan informally and found it is not being kept
What we need from you
- The balance outstanding and any payments already made
- Your view on the minimum instalment and maximum term you would accept
- Whether you want instalments paid to you or collected by us
Common questions
Should I accept a payment plan at all?
If the debtor genuinely cannot pay in full, a plan that is actually kept usually recovers more, sooner, than a court judgment against someone with no money. If they can pay and are stalling, no. We help you tell the difference.
What stops the debtor paying one instalment and disappearing?
Nothing guarantees payment, but a written plan with a default clause and a signed acknowledgement of the debt strengthens your position considerably if you do go to court, and we chase every missed date immediately.
Can interest continue to run during the plan?
That is a commercial decision. Many creditors freeze interest as an incentive to keep to the plan, with the full amount reinstated on default. We document whichever you choose.
Steadfast Collections is a debt recovery agency, not a law firm. The information on this page is general and is not legal advice. We do not collect consumer credit debts.
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