Creditor Payment Agreement Letter

When creditors agree to lower payments based on 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 letter confirming the terms of the reduced or delayed payment agreement.

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 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 the 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. 

Thank you for your help and understanding in this matter. If there are questions regarding this matter, you can reach me at (insert phone number and area code).


Signature just above the printed name
Your Printed Name

Alternate Text

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 I catch my payments up, or I pay off my account on ___________ (date).