Final answer:
True statements regarding a Payment Arrangement Request include the requirement of a debtor's financial situation explanation. However, it is false that creditors are obliged to accept any payment arrangement, and it is also false that setting up such arrangements does not typically incur additional costs.
Step-by-step explanation:
When reviewing statements related to a Payment Arrangement Request, it's essential to accurately determine their truthfulness. A Payment Arrangement Request is usually a formal request by a debtor to pay owed money in installments or at a later date, typically when they are unable to pay by the original due date.
Here are three key statements about Payment Arrangement Requests and their verification:
- Payment Arrangement Requests must be accompanied by a reasonable explanation of the debtor's financial situation - true.
- The creditor is legally obliged to accept any payment arrangement proposed by the debtor - false. The correct statement is: Creditors are not legally obliged to accept payment arrangements and can negotiate or refuse proposals based on their policies and the debtor's situation.
- Setting up a Payment Arrangement does not typically result in additional costs to the debtor such as interest or fees - false. The correct statement is: Setting up a Payment Arrangement may result in additional costs such as interest or administrative fees.
Understanding the intricacies of such arrangements, including the possibility of additional costs and the fact that creditors are not bound to accept proposals, can help in managing expectations and preparing appropriate requests for payment arrangements.