Request Creditor for Alternative Payment Plan
If you have a past due payment or delinquent account, try negotiating an alternative payment plan with your creditor. This is when you’ll need a “letter to request creditor for alternative payment plan”. You’ll find a sample format of such a letter as given below.
Your Name
Your Address
Your Phone#
Department
Creditor’s Address
Dear Creditor,
Re: Account Number__________
This letter is a written request for a temporary change in the repayment terms of my debt account. I am currently going through financial crisis and may not be able to follow the current payment plan. Neither do I plan to file a bankruptcy nor do I intend to default on this debt.
I do have some income from [mention income sources]. However, when I examined my financial situation and planned a budget, it became necessary for me to request each of my creditors to accept a reduced/alternative payment plan for a number of months (specify the number, if possible).
I would appreciate your co-operation in making this payment plan effective shortly. I request you to accept a monthly payment of $____________ instead of the regular payments of $____________ made on the [date] of each month. I hereby assure you that I shall not add to my debt till my financial situation improves.
I shall begin making regular monthly payments as soon as I recover from this financial crisis. I hope you will understand my situation and co-operate with me. I shall surely notify you of any change in my financial situation.
Your co-operation during this difficult time is highly appreciated.
Yours sincerely,
Your Signature
Your Name
Source:debtconsolidationcare.com
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