The free sample payment plan letter arrangement you will find bellow can be used as one alternative to solve your financial issues, if you are having difficulty paying your creditors.
A well-written letter can demonstrate your interest in settling a past-due account. It may not always work but it can be the first step to start negotiations with the financial institution you own money.
Creditors may ask you to provide evidence of your inability to make full regular payments before agreeing to discuss an installment payment plan agreement.
Use Letter Samples as a guide only. Delete any information that does not apply to your financial situation and add your personal information as needed.
Here's a SAMPLE PAYMENT PLAN LETTER you can use as a guide.
_________________________________(Firm's phone number)
RE: Payment Plan Request for Account No. (Account #)
Dear (Ms/Mr. Ford:)
As you already know, the above-referenced account is (past due/delinquent.)
I understand the consequences that could be brought against me if the account is not brought current. At this time, I am requesting to be considered for a payment plan program that would allow me to keep making lower payments until I can resume normal payments or the debt is paid in full.
My current economic situation will allow me to make (monthly, weekly) payments of no more than ($) Dollars.
Attached, you can find xerox copies of personal documents that will corroborate my financial difficulty at the moment. (Include photocopies of bank statements, late notices, vehicle repossession, proof of income, anything that can prove hardship.)
Please let me know if my offer is acceptable in writing or you can call me at (Your Daytime Telephone #) to discuss further options.
_________________________________________(Your Phone #)
You must consult with a licensed attorney in your state of residence before using or signing any legal documents.
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