Debt Payment Agreement with Creditors due to Your Financial Hardship - Sample Letter.
You are currently in financial difficulties and hardship, so you decide to call your creditors regarding payment arrangements of the debt owed. After some back and forth discussions, you and your creditors finally agree on the phone for you to start making lower payments based on the fact that you are currently in financial difficulties.
So, after you have finished negotiation of your reduced debt payment plan with your creditors, the following letter is written to confirm the terms of the reduced/delayed payment agreement. It is also advantageous to have it in writing.
Go ahead and copy this sample letter, then paste it into your favorite text editor or wordprocessor, and tweak it to suit your situation.
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Today’s Date
Your Name
Street Address
City, State, Zip
Attention: {Creditor’s Name}
Credit Department
Creditor’s Address
City, State, Zip
RE: Account #: {your account number here}
Dear Mr. /Ms. {insert name of person you spoke with}
Thank you for speaking with me today about my temporary problem in making my normal payments, and for also agreeing to the following payment arrangement on my account.
As agreed upon in our conversation, I will make reduced payments in the amount of $ _____ on or before the ______ of each month for a period of ____ months and after that time will resume making normal payments.
Thank you very much for your help and understanding in this matter. For any questions you may have regarding this matter I can be reached at (insert daytime phone number with area code).
Sincerely,
Your Signature just above your printed name
Your Printed Name
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Note:** Make sure you send your Debt Payment Agreement with Creditors Letter by “registered mail/return receipt requested”. Also, make a copy of the letter and keep it for your records.
Posted under credit dispute sample letters, creditors
This post was written by fixbadcredit
