SAMPLE LETTER TO CREDITORS

 

 

Your Address

Date letter was written

 

Creditor Name

Address

 

RE: Account Number

 

Dear (Creditor Name):

 

I am writing this letter to request a temporary change in the repayment terms of my account. Since I have become unemployed, I have had to make some financial adjustments.

 

I do have some income from (unemployment, spouse's employment, severance, etc.). However, when I carefully examined my financial situation and made a strict budget for my basic expenses, it also became necessary to ask each of my creditors to accept reduced payments for ______ number of months.

 

I would appreciate your cooperation in making this payment plan work. In place of my regular monthly payments of $ __________ due on the _________, I am requesting that you accept payments of $ __________ paid on the __________. I assure you that I will add no further debt until my financial situation improves.

 

I will begin making normal payments again as soon as possible. I regret that I have to ask for this consideration and hope that you will understand. When there is a charge in my situation, I will notify you immediately and in any event, I will re-contact you in 60 days.

 

Your understanding during this difficult time is most appreciated.

 

Sincerely,

 

(signature)

 

Name Printed