Reduced Payment Letter (Amend Payment)

Use this letter when your financial situation has worsened, leaving you no choice but to reduce the amount you can offer your creditors each month.

When circumstances such as a loss of a job, divorce, separation even the death of a loved one cause us financial hardships, it’s in our best interest to let our creditors know right away. Use the sample letter below to write your letter informing your creditors of your financial situation and for making a payment offer that you can afford.

You are welcome to copy and paste any of the free sample letters displayed throughout this site. If you’d like an electronic copy of any letter
submit the FREE Request Form 

or Get all letters in one convenient package

Free Sample Letter for Amending Previous Payment Agreements with Creditors

Today’s Date

Your Name
Home Address
Phone Number

Attention: {name of collector}
Name of Debt Collection
Agency Address

Account Number: {place account or reference number here}

Dear Mr. /Ms. {Creditor}

This letter is to inform you that my financial situation has worsened since our previous payment agreement.  Given my significantly reduced income, I have no choice but to request an amendment to our original payment agreement dated {insert date}.

Based on my current income and the number of other creditors I owe money too, I promise to pay $ _________ each month, (week, every two weeks, etc.).  

If my financial situation improves, and I can increase my payment, I will contact you immediately.  Please send written confirmation of your acceptance or rejection of this offer to my address outlined above.

As a show of good faith, I have enclosed payment in the amount of the lower payment. I thank you for your understanding in this matter and look forward to your favorable consideration.  If there are questions concerning this matter, you can reach me at (insert phone number and area code).


Signature above printed name
Your Printed Name