A sample letter to send to your creditors....

If you need to contact any of your creditors to let them know that you are having trouble meeting your repayments, you could use the following letter example and just adapt it to your own situation:



Dear Sirs.

Re: Account Number - xxxx

I regret that since entering into the above agreement with you, my circumstances have changed and I am now experiencing financial difficulties. Unfortunately, I am unable to meet the agreed monthly payment because (explain difficulty e.g. lost job).

I enclose a copy of my Financial Statement. As you can see, after my essential outgoings are deducted from my monthly income, I have

Choose one of the following options:

no funds left to pay my creditors. Under the circumstances, would you please accept a token offer of payment of £1.00 per month until my situation has changed?

Or

only (Insert total amount available to pay creditors) to pay my creditors of which the pro rata offer to you will be £(Insert monthly payment amount for this creditor).

I would be grateful if you could freeze the interest charges on my account during this difficult time. It would also assist me in making my payments to you if you could arrange to send me a paying in book.

I hope that you will accept my offer and I would like to reassure you that I am making every effort to increase my income and I will contact you again as soon as my circumstances improve.

I would like to thank you for your time in considering my offer of repayment and I look forward to hearing from you shortly,

Yours faithfully