A goodwill letter is a formal letter sent to a creditor, lender or collection agency to request forgiveness for a late payment or other negative item on your credit report. In the letter, you typically: Explain the circumstances that led to the late payment or issue.
Unfortunately, an actual late payment is nearly impossible to remove from your credit report even if you were able to convince your card issuer to waive any fees you may have been charged. Still, late payments sometimes get reported erroneously to the credit bureaus and can be disputed.
Further to my previous correspondence, I am contacting you regarding late payment for invoice [Invoice Number]. The invoice was due on [Due Date], and payment is now overdue by [Number of Days Overdue]. Be advised that late payment interest may be applied if we do not receive payment within 30 days.
If a day passes after your due date, email the client to request your payment. Keep the email friendly, straightforward, and actionable. Let the payer know you have attached the invoice to the email and share your payment details. Conclude politely and mention that you'd love to work with the client again.
I understand that my late payment has already attracted some penalties and charges, and I would wish to request you to waive these charges on account of the above issues. Kindly forgive me for this, and I promise that it shall never happen again.
I respectfully request that you forgive my alleged debt, as my condition precludes any employment, and my current and future income does not support any debt repayment. Please respond to my request in writing to the address below at your earliest convenience. Thank you in advance for your understanding of my situation.
Generally speaking, the reporting date is at least 30 days after the payment due date, meaning it's possible to make up late payments before they wind up on credit reports. Some lenders and creditors don't report late payments until they are 60 days past due.
Dear [Contact Name], I would like to apologize regarding the delayed payment for invoice [Insert Invoice Number]. We experienced a [payment processing error, administrative issue, etc.] that resulted in a delay in processing this payment.
There are many scenarios where the late payment is understandable, and your credit card issuer may be willing to work with you. Apologize for the late fee, and explain why it happened. Make sure to highlight your history as a good customer and ask if they'll be willing to waive the fee.
Dear Employees, We would like to extend our sincere apologies for the delay in the release of this month's salary. We understand this has caused inconvenience and stress for many of you, and we take full responsibility for the delay.
The “goodwill letter”
This is often called a goodwill letter. With a goodwill letter, you aren't disputing an error. You're asking your creditor for forgiveness for an accurate late payment and to remove it from your record.
While you don't have to worry about a seven-day-late payment impacting your credit score, it's still important to regularly review your credit history for insights and potential problems.
Be polite and friendly and ask your client what happened and how you could help to find a solution, like accepting a payment settlement. Also, describe your situation and the company risks you may face because of this outstanding invoice. Hopefully, your client will be convinced to proceed with the payment.
For example, you could say: "I'm sorry that I snapped at you yesterday. I feel embarrassed and ashamed by the way I acted." Your words need to be sincere and authentic . Be honest with yourself, and with the other person, about why you want to apologize.
Unfortunately, my circumstances are unlikely to improve in the foreseeable future and I have no assets to sell to help clear my debt. I am therefore asking you to consider writing off my debt as I can see no way of ever repaying it. If you are unable to agree to this, please explain your reasons.
I truly believe that it doesn't reflect my creditworthiness and commitment to repaying my debts. It would help me immensely if you could give me a second chance and make a goodwill adjustment to remove the late [payment/payments] on [date/dates]. Thank you for your consideration, and I hope you'll approve my request.
To do so you will need to provide any supporting documentation or evidence that proves the late payment was a mistake. The lender will then investigate your claim and if they agree they can ask the credit reference agency to remove the missed payment marker from your credit report altogether.
What is a late payment letter of explanation? 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.
Email subject: Invoice #123 is two weeks overdue
We have now reminded you several times of your payment for Invoice #123, at the amount of $____. This is just another reminder that your payment is now two weeks overdue. Please send us a response if you received these reminders, or if you lost your invoice.
A “good” excuse is one that's genuine and communicates your need effectively. This could be an unexpected financial hardship like medical bills, car repairs, or sudden unemployment.
The process is easy: simply write a letter to your creditor explaining why you paid late. Ask them to forgive the late payment and assure them it won't happen again. If they do agree to forgive the late payment, your creditor should adjust your credit report accordingly.