This document is sent to propose a payment plan based on financial difficulties. It contains your suggested wording for the Creditor to use in reporting to Credit Bureaus.
To Whom It May Concern:
RE: Payment Plan
I am the holder of account number ________________________________________. I have been experiencing some financial difficulties and have been having trouble paying on this account.
I fully intend to pay you the full amount due, but I find that right now my finances are not able to pay for this account. I would like to arrange a payment plan as follows:
[Select or Highlight this text and type over it. This text box expands as you type into it.]
I would also propose that as part of this plan, and if necessary, you will report my account to credit reporting agencies as follows:
- Consumer initiated reduced payment plan during time of financial hardship to continue meeting obligation.
Please respond to this proposal in writing within fourteen days.
Sincerely,