How to request creditor for an alternative payment plan

If you have a past due payment or delinquent account, try negotiating an alternative payment plan with your creditor. This is when you'll need a "letter to request creditor for alternative payment plan". You'll find a sample format of such a letter as given below.


The Letter


Your Name



Your Address



Your Phone #


Credit Bureau's Name:



Credit Bureau's Address:


Date



Dear Sir/Madam,

Re: Account Number

This letter is a written request for a temporary change in the repayment terms of my debt account. I am currently going through a financial crisis and may not be able to follow the current payment plan. I do not intend to file bankruptcy and would prefer to completely repay this obligation.

I do have some income from different sources. However, when I examined my financial situation and planned a budget, it became necessary for me to request a reduced/alternative payment plan for a number of months (specify the number, if possible) from each of my creditors.

I would appreciate your co-operation in making this payment plan effective as soon as possible. I request that you accept a monthly payment of $ instead of the regular payments of $ . I shall begin making regular monthly payments as soon as I recover from this financial crisis. I hope you will understand my situation and co-operate with me. I shall notify you of any change in my financial situation.

I shall begin making regular monthly payments as soon as I recover from this financial crisis. I hope you will understand my situation and co-operate with me. I shall surely notify you of any change in my financial situation.

Your co-operation during this difficult time is highly appreciated.

Sincerely,


Your Signature



Your Name




What you can get in our community

Educate Yourself

Community Tools & Resources

Community Buzz

DebtConsolidationCare (IAPDA member)
Inter Next Technologies, Inc., Internet Marketing Services, Reno, NV
Connect With Us
About Us | Contact Us | Privacy Policy | Affiliate | Sitemap | Espanol | RSS Feeds | Terms of Services | Newsletters
Copyright © 2015 DebtConsolidationCare | 301 W. 11th Street Unit E Reno, NV 89503, United States
* Disclosures:
  1. By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
  2. Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
  3. Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
  4. Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
  5. The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.
Page loaded in 2.606 seconds.