letters home

If you have financial problems, you may want to write a letter to your creditor to develop a payment plan that fits your budget. The sample letter below is made up; use it as a guide. When you write your letter use the current date along with real names, addresses, phone numbers, and details.

Re: Mary Roberts(your name)

333 Sunrise Circle (your address)

Apartment 201

Sunrise, MN 22222

Uptown Furniture (creditor name)

4569 Some Street (creditor address)

Your Town, ST 54321

Attention: Delinquent Account Representative

Re: Mary Roberts, Account Number 11111 (your name and account number)

This letter is to inform you that I am having unexpected financial difficulties. I am having trouble making my account payments due to a recent divorce and job change with a lower salary. I hope that we will be

able to agree on a mutually acceptable debt-repayment plan.

 I have evaluated my financial situation, and prepared a realistic budget for my living expenses. I am asking each of my creditors to accept

reduced payments, with the hope that amounts will be increased as soon as possible. I am committed to paying my debts in full. 

My debts total more than $7,500, and my assets are valued at less than $3,000. My current budget leaves $242 per month for debt repayment after basic living expenses. I would like you to accept a partial payment of $50 per month for 14 months, which will repay my obligation. You may

expect my first payment on 2/1/2013 

Sincerely,

The following letter is an example of "letter for payment plan to creditor  ". Make your own changes to fit your purpose.

[Your Name]

[Company Name]

[Street Address]

[City, ST ZIP Code]

[Date]

[Recipient Name]

[Title]

[Company Name]

[Street Address]

[City, ST ZIP Code]

Dear [Recipient Name]:

We have received your most recent request for payment in full on our account.

Due to the recent [description of problem] and the resulting loss of revenue, we are unable to make full payment this month.

We are enclosing a good faith payment of $[amount], and we plan to make similar monthly payments until our account is fully paid.

Please contact us if you have questions, or if you want to suggest other arrangements.

We appreciate your understanding and cooperation as we recover from this temporary financial setback.

Sincerely,

[Your Name]

[Title]

--------------------------------------------------------------------------------------