If you’re struggling to keep up with your debt repayments, you may want to consider requesting a reduced monthly payment from your creditors. This letter template can help you effectively communicate your financial situation and propose a more manageable repayment plan.
Whether you’re writing in your own name or jointly with someone else, such as a spouse or partner, this template can be customised to suit your specific circumstances.
Be sure to clearly explain your financial hardship, provide relevant details, and propose a realistic repayment amount you can afford. Remember, open and honest communication with your creditors is key to finding a mutually agreeable solution.
Reduced Payment Request Sample Letter To Your Creditors
Dear Sir/Madam
Account No: {{Your account or reference number*}}
The purpose of this letter is to inform you that our financial situation has recently evolved. We are currently managing budgeting and debt issues.
We are having trouble making our monthly payments as a result of {{ List reason *}}.
We are hoping we can agree upon an acceptable debt repayment plan in the form of a reduced payment of £{{ ___*}} per month.
Amounts will be increased as soon as possible until our debt is totally paid.
In hope you find this plan acceptable, we look forward to your letter of acknowledgment.
Yours faithfully
{{Include your full name*}}
How Company Debt Can Help
If you’re a company director struggling with debt, know you’re not alone. Many businesses face financial challenges, but there are solutions available.
If you need help determining the best course of action for your company, our team of experts is here to assist. Use the live chat during working hours or call us at 0800 074 6757 to discuss your situation. We’ve helped thousands of directors successfully manage their company’s debt.
