How to Write a Letter of Promise of Payment

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A promise to pay letter is an agreement to repay a debt by a specified date. Once signed by the debtor and lender, the letter becomes a legally binding document, which also is referred to as a promissory note. Standard promissory forms are available at office supply stores or on the Internet. However, if there are specifics regarding a debt not addressed on the standard forms, a typed or handwritten letter containing the details of the payment might be more appropriate. Signing in front of a notary will verify the authenticity of the document.


Step 1

Identify how much is owed prior to drafting the letter. If interest or additional fees will be assessed, include the amount in the letter. Describe how the interest will be calculated, such as by annual percentage rate. If late penalties are to be assessed, define when and how much.

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Step 2

Date the letter. The promise to pay letter shows intent to repay a debt; therefore, an incorrect date could void the transaction.


Step 3

Identify the debtor and creditor. The letter should clearly identify the party who owes the debt and the party who will receive repayment.

Step 4

Specify repayment date. Both parties must agree on the date the debt should be paid in full. The contract could provide penalties and remedies for the creditor to collect if the money owed is not paid by the date agreed upon by both parties.


Step 5

Obtain signatures. Each person involved in the agreement should sign the letter.


Once both parties have signed the letter, the debtor must make payments as agreed. If installment arrangements are made and even one payment is missed, the creditor could consider the debtor in default.

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