It is a great relief when you have finally managed to pay off that personal, home or car loan that had you strapped for many years. You can finally let go of the worry of having to pay a certain amount every month. However, you will need to manage things properly before you consider this a done thing. Writing a loan payoff letter should be the first thing on your mind.
A loan payoff letter is written to close the deal. You will need to address your letter to the loan officer, stating that you have made your last outstanding payment and if possible, provide details of all the payments that you have made over a certain period of time. The aim of this letter is to make sure that your account with the loaning agency is closed and that no further demands for payments are sent to you.
When you write a loan payoff letter, make sure that you provide information of your account title and number so that the loan officer does not have problems in finding out your details. For an example, here is a sample loan payoff letter that you can look through before you write your own.
521 Pine Street
Rensselaer, IN 41021
Kath @ email . com
March 7, 2016
Mr. Alfred Carr
210 W Grace Street
Rensselaer, IN 44545
Dear Mr. Carr:
This is with reference to my loan account (# IM-1201002) with Imortgage, titled Kathaleen Green. I would like to bring to your notice that I have paid the entire amount of the loan that I obtained from your organization. Please refer to the information below for last payment date and check number:
Last payment made on: March 2, 2016
Check #: USB12899332
I have detailed all the payments that I have made to Imortgage (including piled up interest) over the previous 5 years and have enclosed it with this letter. I have also included details of dates and check numbers through which these payments have been made so that you can correlate them with your records. Please let me know if there is anything else that I need to do to close my loan account with your organization.
I would like to thank you for your impeccable services in providing me with payment reminders every month and ensuring that I receive receipts of all my payments. If needed, I will definitely acquire your services again. Please call me at (000) 212-8575 if you need any further information from me that will expedite the account closing process.