This letter is used to inform your current creditors that you are having financial difficulties and to request a reduced monthly payment amount, without closing the account.
To Whom It May Concern:
RE: Request For Reduced Payment On Account #_______________________________
I am currently experiencing financial difficulties because:
[Select or Highlight this text and type over it. This text box expands as you type into it.]
I have examined my finances and developed a careful budget that includes payment to each creditor.
In order to provide for my necessary expenses, I am requesting that each creditor accept a reduced payment until my situation improves. In place of my regular payment of $[AMOUNT], I am requesting that you accept payment of $[AMOUNT] each month.
I am making every effort to correct my financial situation and expect things to be resolved as of [DATE]. Until I resume my regular repayments, I will not incur any new debt obligation.
Enclosed is my first reduced payment.
Thank you for your understanding and cooperation during this difficult time.
If you have any questions or need additional information, please contact me at __________________, my daytime phone number.
Sincerely,