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Letter to Request an Alternative Payment Plan from a Creditor

If you have become delinquent on your payments, you can request an alternative payment plan from your creditor , so you can pay off your obligation.

Here is a sample of a letter to request an alternative payment plan from your creditor.

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Your Name
Your Address
Your Phone

Creditor's Name
Department
Creditor's Address

Date

Dear Sir,

Re: Account Number ________________.

This is a request for a temporary change in the repayment terms in the account referenced above.

As I am undergoing some financial crises at present, I may not be able to continue the current payment plan. On reviewing my financial condition and my monthly budget, I found it absolutely necessary to request an alternative payment plan from each of my creditors until my financial state improves.

I do not plan to file for bankruptcy nor default on this debt. So, I would appreciate if you co-operate in making this payment plan effective.

I request that you accept a monthly payment of $ _________ instead of the regular payment of $ _________ that I have been making every month.

I will begin making regular monthly payments as soon as I recover from this financial crisis.

I hope you will understand my situation and consider my request. I will definitely inform you of any change in my financial situation. I am looking forward to your kind co-operation.

Sincerely,

Your Signature_______________________

Your Name__________________________



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