Letter to contact creditors for reduced payment plan
If you’re in financial problems, you may need to contact your creditors and request an alternative payment plan. This is when a letter to contact creditors can help you.
Your Name
Your Address
Your Phone#
Department
Creditor’s Address
Dear Creditor,
Re: Account Number__________
This letter is to make you aware of my current financial problem due to which I am unable to make payments on my debt account stated above. However, I have no plans to file bankruptcy, but I also do not intend to default on my account.
I do have some income coming in from sources like [name the sources here]. However, I have already communicated with some of my creditors requesting them to accept a reduced payment of $________ in place of my regular payments of $__________. I can assure you that I shall not add to any new debt until and unless my financial situation gets better.
I hereby notify that I shall update you about my financial situation at regular intervals and continue to make normal payments as soon as the situation gets better.
I appreciate your co-operation in advance.
Yours sincerely,
Your Signature
Your Name
Source:debtconsolidationcare.com
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