How to request creditor for an alternative payment plan

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.

Your Name
Your Address
Your Phone #

Creditor’s Name
Department
Creditor’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