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==New Answer == If you are referring to writing a letter say to a mortgage company to explain past derogatories on your credit report, just be honest. Of course, the sympathy factor does come into play. Lenders don't want to hear that you just forgot or well better late than never, we want to hear, unfortunately, "sob" stories (as long as they are true) i.e. illness, divorce, loss of job, etc. and what measures,if any, were taken to rectify the problems. ==Letter of Explanation== When it comes to letters of explanation, keep it short and to the point. For example, you may be asked to explain not only that you experienced some sort of temporary difficulty, but also that the situation was temporary and has since been rectified. Don't waste your time or the stamp.You still get the late fee no matter what and they don't care.

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โˆ™ 2007-03-25 06:55:48
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Q: How do you write a letter of explanation for late payments?
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To write a letter of explanation for late payments because of a change of address, you could say that you did not receive your mail in a timely fashion. You should also apologize profusely and state that you will endeavor to pay the outstanding amount by a given date.


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What should you include in a letter of explanation for late payments?

As an accounts payable manager for a large company, trust me your creditors don't want to hear why you can't pay, but only when you can. Give your creditor a reasonable date on which you will satisfy the account in full or, make payment arrangements, and stick with them!