Letter to Creditor template

Not all creditors will accept payment schedules, but they will be more likely to work with you if you have lived up to the expectations and you were predictable. 

Also, it’s important that you contact the creditor before they contact you. Before you contact each creditor, make sure you’ll be able to pay the monthly amount in your agreement. If you fail to follow the new plan, your creditor will be less likely to work with you again. Here are some options you could request from your creditor:

• Refinance the loan at a lower interest rate;
• Reduce your monthly payment amount;
• Reduce or drop charges for late payments;
• Pay interest only on the loan until you can resume, making monthly payments;
• Request permission to sell the item and use the cash to repay the debt.