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.
Date
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.
Sincerely,
Your Signature Your Name