[Today’s Date]

[Creditor Name]
[1 Downtown Street]
[City, Province Postal Code]
 
WITHOUT PREJUDICE
 
ATTENTION: CREDIT DEPARTMENT
RE: ACCOUNT # 1234 567 890 SMITH, JOHN
 
Dear [Creditor]:
Due to a [layoff], I am temporarily out of work and am experiencing financial
difficulty.
Due to my financial hardship and in order to meet necessary household
expenses plus credit payments, I am asking each creditor to accept a reduced
payment for the next (#) months on my debt. By that time I hope to be back to
work. If my situation improves sooner, I will notify you at that time.
I would appreciate your consideration in this matter as I am not able to meet
the regular payment of [$]. I will pay you [$] per month during this emergency.
I request that my account not be placed with a collection agency as I wish to
deal with you directly. Over the next 90 days, I ask that you also please
consider withholding interest on my debt.
You can be sure that I will resume regular payments on my debt as soon as I
am able.  I will notify you when my situation improves. Please only contact me
in writing at the address below and I will respond to your letters in a timely
manner.
 
Sincerely,
[your name]
[complete mailing address]
[phone number]
[account number]
Your name
Address
Postcode

Name of creditor
Department
Credit Company Name
Address
Postcode

Date

Dear Sir/Madam

Re: Account No:

Further to my previous statement advising me of arrears on my account [Number

above], I am writing to formally request restructured credit terms on my account. I am
presently undergoing financial difficulties due to a decrease in income but have every
intention of honouring our credit agreement. I have taken advice on this matter and
hope that one of the following options can be applied to my account.

I would like to restructure our agreement either by reducing the monthly repayments to
[Amount] and extending the credit repayment period or by freezing the interest on this
account for a period of time. If this is not a viable option then I would like to request a
period of time where I can pay only the interest on the debt until I am able to resume full
repayments. The decrease in my income is a temporary problem that I consider will
continue for around four months.

Please contact me at your convenience by letter or telephone call if the matter needs
further discussion.

Yours faithfully

Your Name