Letter To Creditors Requesting Short Term Payment Relief

Letter To Creditors Requesting Short Term Payment Relief

Date
Name of Creditor
Creditor Address
City, Province, Postal Code

WITHOUT PREJUDICE

ATTN: CREDIT DEPARTMENT
RE: ACCOUNT# XXX XXX XXX LAST NAME, FIRST NAME

To Whom it May Concern:
Due to [specify reason, e.g. layoff, downsizing, labour dispute], I am temporarily unemployed and as such I am facing financial difficulties. As a result of my current hardship, I am asking each of my creditors to accept a reduced payment for the next [specify number of months or billing cycles]. I hope to find suitable employment within that time, and of course if my circumstances improve sooner I will notify you immediately and resume regular payments.
I would appreciate your understanding in this situation as I am unable to make my regular payment of [specify regular amount and frequency].
Please be advised that I will be making payments of [specify reduced amount and frequency] during this period of financial hardship. I also ask that you please consider withholding interest on my debt for this period of time. I request that a collection agency not be involved in my account, as I would prefer to deal directly with [specify creditor name].
Please be assured that I will resume regular payments as soon as I am able to do so. I will notify you when my financial circumstances change.
Should you have questions or wish to further discuss this request, please contact me in writing only at the address below. I will respond to any letters I receive in a timely manner.

Sincerely,

Your Name
Mailing Address
Phone Number
Account Number

If you need further guidance or information about when and how to use the above letter template, please do not hesitate to contact us.

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