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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Dear ,

Re:

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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  • The debt settlement program typically lasts between 6 months to 4 years time.
  • At least 30% of the debt amount per creditor needs to be accumulated in the trust account for OVLG to give the creditor any settlement offer.
  • Not all creditors or debt collectors will accept a reduction in the balance, interest rate, or fees a customer owes such creditor or debt collector.
  • Pending completion of the represented debt-relief services, the customer's creditors or debt collectors may pursue collection efforts, including initiation of lawsuits.
  • That the use of the debt-relief service will likely adversely affect the consumer's creditworthiness, may result in consumers being sued by their creditors, and may increase the amount owed to creditors as a result of the accrual of additional fees and interest.
  • Savings a customer realizes from use of a debt-relief service may be taxable income.
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