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You can ask your creditor for an alternative payment plan if you’ve fallen behind on your payments so you can finish paying off your debt. Here is a sample letter that you might use to ask your creditor for a different payment arrangement.
sample 1 - letter to creditors for payment arrangements
Your Name
Your Address
City, State, Zip Code
DATE
Creditor’s Name
Creditor’s Address
City, State, Zip Code
Dear [Creditor’s Name],
I am writing to request payment arrangements for my account with your company. I have been experiencing financial difficulties and am unable to pay the full amount due at this time.
I am willing to work with you to come up with a payment plan that is reasonable and manageable for both of us. I propose making monthly payments of [$X] on [date] of each month, until the balance is paid in full.
Thank you for considering my request. I appreciate your help and understanding during this difficult time. Please do not hesitate to contact me if you have any questions or need additional information.
Sincerely,
Your Signature
Your Printed Name
List of Enclosures:
sample 2 - letter to creditors for payment arrangements
Your Name
Your Address
City, State, Zip Code
DATE
Creditor’s Name
Creditor’s Address
City, State, Zip Code
Dear [Creditor’s Name],
The purpose of this letter is to formally request a payment arrangement for the medical bills I owe your hospital.
I regret that I am unable to pay the bill in full at this time because my monthly income has been greatly reduced after the automobile accident in which I broke both of my legs.
I am requesting a payment plan of $100 per month until the time that I am able to continue working and receiving my usual salary. The rehabilitation may take from six to nine months.
At this time, my income is [Amount] and I have a home mortgage of [Amount] to pay. I will pay by check on the 18th of each month beginning [Date].
If this is agreeable to you, kindly send me a letter stating the repayment details as I have described. I can be reached at [555-123-4567] or a [name@email.com], and I would be happy to talk to you and give you more details at any time.
Sincerely,
Your Signature
Your Printed Name
List of Enclosures: