Sample Letter To Your Creditors

Reduced Payment Request

(Click here to learn how to use this letter properly and to learn how to communicate effectively with your creditors.)

 

[Today’s Date]


[Creditor Name]
[1 Downtown Street]
[City, Province Postal Code]


ATTENTION: CREDIT DEPARTMENT
RE: ACCOUNT #123456789 SMITH, JOHN

Dear [Creditor]:

Due to a lay-off, I am temporarily out of work and am experiencing financial difficulty. Please find enclosed a copy of my [proof of income], as well as a monthly expense sheet.

Due to my financial hardship, and in order to meet necessary household expenses plus credit payments, I am asking each creditor to accept a reduced payment for the next 3 months. By that time I hope to be back to work.

I would appreciate your consideration in this matter as I am not able to meet the regular payment of [$]. I will pay you [$] per month during this emergency.

I request that my account not be placed with a collection agency as I wish to deal with you directly. Over the next 90 days, I ask that you also please consider withholding interest on my account , as I am anxiously awaiting employment and do not wish to go further into debt.

You can be sure that I will resume regular payments as I am able; I will notify you as soon as my situation improves. If I follow through with what I’ve stated in this letter, please only contact me in writing at the address below.

Sincerely,


[your name]
[complete mailing address]
[phone number]
[account number]
 

 

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