Late payment is an unfortunate reality for many businesses. It can lead to cash flow problems, strained relationships with customers, and damage to a company’s credit score. Fortunately, there is a way to address late payments without damaging the customer relationship: a goodwill adjustment letter. This type of letter is an effective way to explain the circumstances of the late payment and offer a resolution that benefits both parties. In this article, we’ll explore how to craft an effective goodwill adjustment letter and discuss why it’s important for businesses to use this approach when dealing with late payments.
[Name of Recipient]
Dear [Name of Recipient],
I am writing to you today in regards to a late payment I recently made. I understand that my payment was late and I apologize for any inconvenience this may have caused. I understand the importance of timely payments and pledge to make sure all payments are made on time in the future.
To show my commitment to making payments on time, I am enclosing a goodwill adjustment of [amount] with this letter. This is an additional payment on top of my existing payment, and it is meant to demonstrate my good faith.
Please accept this goodwill adjustment as a sign of my commitment to making timely payments in the future. Again, I apologize for any inconvenience that this may have caused. If you have any questions or concerns, please do not hesitate to contact me at [phone number].
A late payment goodwill adjustment letter is a powerful tool to help you get back on track with your finances and maintain a positive relationship with your creditors. Not only does it provide an opportunity to negotiate better terms, but it also shows that you are taking responsibility for your financial situation and are willing to work with the creditor to resolve any issues. With the right approach, you can use this letter to set yourself up for success and create a more secure financial future.