Below is a sample template letter to your creditors requesting that they accept reduced payments for a specified period of time. Feel free to use this sample letter and customize it to your situation. Below we’ve also offered three other things you could look into to possibly improve your situation.
Sample letter to Creditor Unable to Pay Loan
To,
Mr. Managing Director,
Joe and Sundry System,
Texas, United State of America.
Subject: Requesting the creditor on not being able to pay the loan
in required time
Respected Sir,
It is to state with due respect and grace that I am Mr. Jew Layman and it is my humble request to you that I am unable to pay the loan in the given and decided time frame. I know, it is my mistake, but I am
hapless. I had recently came across with the worst financial issues at domestic level that tore me to my soul and made me hand to mouth. In this critical situation, I am unable to pay the debit that is incumbent upon me Kindly see to this matter at your earliest. Thanking you in anticipation.
Yours Truly,
Mr. Jew Layman
10th September, 2022.
Sample Letter of Requesting the Creditor on not being Able to Pay the Loan (for business) in Required Time
To,
Mr. Managing Director,
Jocks and Sundry System,
Texas, United State of America.
Subject: Requesting the creditor on not being able to pay the loan
(for business) in required time
Respected Sir,
It is to state with due respect and grace that I am Mr. Jerry Layman and before stating the reason, I deem it perfect to extend my heart felt sorry to you as I was unable to deposit the due amount taken in
term of loan on the given time and day. The reasons being unable to pay the debt were multiple; I wasn’t feeling well and was admitted in hospital; hospital cost great expenditure which was given from my personal pocket. Now, I am here with the decided amount and great apologies. Please accept the both. It is my humble request to you that I am unable to pay the loan in the given and decided time frame. Kindly see to this matter at your earliest. Thanking you in anticipation.
Yours Sincere,
Mr. Jerry Layman
5th September, 2022
Reduced Payment Request Sample Letter To Your Creditors
Before using the sample template letter below, make sure you know how to communicate effectively with your creditors.
[Today’s Date]
[Creditor Name]
[1 Downtown Street]
[City, Province Postal Code]
WITHOUT PREJUDICE
ATTENTION: CREDIT DEPARTMENT
RE: ACCOUNT # 1234 567 890 SMITH, JOHN
Dear [Creditor]:
Due to a [layoff], I am temporarily out of work and am experiencing financial difficulty.
Due to my financial hardship and in order to meet necessary household expenses plus credit payments, I am asking each creditor to accept a reduced payment for the next (#) months on my debt. By that time I hope to be back to work. If my situation improves sooner, I will notify you at that time.
I would appreciate your consideration in this matter as I am not able to meet the regular payment of [$]. I will pay you [$] per month during this emergency.
I request that my account not be placed with a collection agency as I wish to deal with you directly. Over the next 90 days, I ask that you also please consider withholding interest on my debt.
You can be sure that I will resume regular payments on my debt as soon as I am able. I will notify you when my situation improves. Please only contact me in writing at the address below and I will respond to your letters in a timely manner.
Sincerely,
[your name]
[complete mailing address]
[phone number]
[account number]