July 28, 2010
The Accounts Manager
Dear Mr. Panicker,
I have received your letter reminding me to pay off my debts to you. I am willing to pay it off in full, instead of in installments as agreed upon earlier.
I had been under some financial stress for the last few months and that was the reason I was unable to pay the installments. I regret the inconvenience it has caused you and wish to rectify the same. The amount I received from you was Rs. 10,000/-, out of which I had paid off Rs. 5000/- in five installments last year. Hence I am enclosing a cheque for Rs. 7500/-, which includes the interest and settles the debt.
You had lent money to me at the appropriate time and I am grateful to you for that. I wish to continue to be on good terms with you in future.
Thank you once again for bearing with me.