Creditor Communication Checklist & Sample Debt Letters
To help things proceed as smoothly as possible, if you send a letter to your creditors making a special request, it would be a good idea to follow this checklist:
- Make a list of all of your current sources of income.
- List all of your weekly and monthly expenses – include all of your spending. Don’t forget to include a monthly estimate of your necessary seasonal expenses.
- Consider your assets – what may be at risk if you are not able to pay.
- Find out if any of your debts are co-signed, joint or guaranteed. If you are not able to pay, the other person(s) may have to.
- Gather your supporting information. Prepare a brief summary of your expenses.
- Write a letter to your creditors to briefly outline your situation. See further note below.
- Fax or mail your letter and supporting information to your creditors. Keep proof that they received it.
- Follow through with all commitments you outlined to your creditors in a timely manner. Make a note on your calendar if you need to send a payment or when you need to provide an update as to your situation.
Sample Debt Letters
If you're looking to communicate with your creditors about your debt it is a good idea to understand what you can and cannot say. Below are some sample letters used in common situations when communicating with creditors. Read through the warnings as there are some things if mentioned in writing could trigger acceptance of the debt or extension of the time period they are allowed to legally pursue you for payment.