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Creditor Payment Agreement Letter

When creditors agree to lower payments based on a current financial hardship, follow up your phone conversation with a letter outlining the terms of the agreement. Use the free sample letter below to write your own personal letter confirming the terms of the reduced or delayed payment agreement.

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Free Sample Letter for confirming payment agreements
with creditors based on your current financial hardship

Today's Date

Your Name
Your Address

Attention: {Creditor's Name}
Credit Department
Creditor's Address

RE: Account #: {your account number here}

Dear Mr. /Ms. {insert name of person you spoke with}

Thank you for speaking with me today about my temporary problem in making my normal payments, and for also agreeing to the following payment arrangement on my account.

As agreed upon in our conversation, I will make reduced payments in the amount of $ _____ on or before the ______ of each month for a period of ____ months and after that time will resume making normal payments. see alternate text below

Thank you for your help and understanding in this matter. If you have any questions regarding this matter I can be reached at (insert daytime phone number with area code).

Sincerely,

Signature just above printed name
Printed Name

Alternate Text Back to Letter

As agreed upon in our conversation, I will not make a payment until ________ (date) at which time I will resume making payments in the amount of $ _____ on or before the ______ of each month, until my payments are caught up or my account is paid off on ___________ (date).

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