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.) until my account is paid in full.

If my financial situation improves and I am able to 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 you have any questions concerning this matter I can be reached at (insert phone number and area code).

Sincerely

Sign above printed name
Your Printed Name