How to contact creditors for a reduced payment plan

If you're in financial problems, you may need to contact your creditors and request an alternative payment plan. This is when a letter to contact creditors can help you.

The Letter

Your Name

Your Address

Your Phone #

Credit Bureau's Name:

Credit Bureau's Address:


Dear Sir/Madam,

Re: Account Number

Due to some financial problems I am currently experiencing, I am unable to make payments on the account referenced above. However, I have no plans to file bankruptcy, and do not intend to default on my obligation.

I have communicated with some of my creditors asking them to accept reduced payments of $ in place of my regular payments of $ .I can assure you that I shall not add to my obligations until and unless my financial situation improves.

I shall update you about my financial situation at regular intervals and return to making my normal payments as soon as my situation improves.

I appreciate your co-operation.


Your Signature

Your Name