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Letter To Creditors

This document provides a sample letter that can be used to negotiate repayment terms with creditors due to financial difficulties. The letter explains the borrower's situation, proposes a reduced monthly payment amount that they can afford regularly until the debt is repaid, and requests that the creditor acknowledge and accept the new repayment terms. Tips are also provided on negotiating with creditors, such as contacting them before they contact you, following through on any agreed payment plans, and potential options to request like lowering payments, interest rates, or other fees.

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juanpolicarpio420
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93 views1 page

Letter To Creditors

This document provides a sample letter that can be used to negotiate repayment terms with creditors due to financial difficulties. The letter explains the borrower's situation, proposes a reduced monthly payment amount that they can afford regularly until the debt is repaid, and requests that the creditor acknowledge and accept the new repayment terms. Tips are also provided on negotiating with creditors, such as contacting them before they contact you, following through on any agreed payment plans, and potential options to request like lowering payments, interest rates, or other fees.

Uploaded by

juanpolicarpio420
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Sample Letter to Creditors

Use this example below as a guide when writing to or talking


with creditors. Replace the blanks with your own information.

__________________________________________
(Creditor/Company name)
__________________________________________ Tips to negotiate
(Company Address) with creditors
__________________________________________
(City, State, Zip)
Not all creditors will accept
Attention: Account Representative payment plans, but they’ll
be more likely to work with
Date: __________________________ you if you have been a
Name(s) on account: ______________________________ good customer and if you
Account number: _________________________________ contact them before they
contact you. Before you
Date loan/account opened: _________________________
contact each creditor, make
Total amount due: ________________________________ sure you’ll be able to pay
Monthly payment amount: __________________________ the monthly amount in your
agreement. If you fail to
follow the new plan, your
This letter is to let you know that I’m currently having some financial
difficulties. I’m not able to pay the complete monthly payment on my
creditor will be less likely to
account because _____________________________________________.
work with you again.
(List your personal reason here – job loss, illness, etc.)
Here are some options you
Looking at my financial situation, I have set up a budget for my basic living could request from your
expenses and have come up with a debt repayment plan based on my creditor:
reduced income. I’m contacting all of my creditors to explain my situation  Reduce your monthly
and to ask for a reduced payment until my situation improves. payment amount
 Reduce or drop charges
I would like to offer a reduced payment of $_______________ per month.
for late payments
This is the most that I can pay regularly at this time. You can expect this
amount as soon as possible until the debt is totally repaid.  Refinance the loan at a
lower interest rate
I hope you find this repayment amount acceptable. I look forward to your
letter of acknowledgement. Thank you.  Pay interest only on the
loan until you can
Sincerely, resume making monthly
payments
______________________________________________
(Sign your name)  Request permission to
______________________________________________ sell the item and use the
(Your address) cash to repay – or
______________________________________________ partially repay – the
(City, State, Zip) debt.

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