If you are not able to pay your creditors then you can always write a letter to them about the same. Such a letter is supposed to include your inability to pay the dues as well as how you will be able to clear the dues. It is supposed to be a simple letter which must highlight your financial situation and seek for some help to settle the account.
You can simply follow the sample letter to creditors about being unable to pay. This template letter to creditors makes an easy reference. You can have a customized letter drafted just by using the reduced payment request sample letter shared in this post.
Format for Sample Letter to Creditors About Being Unable to Pay
From:
Arnold Smith
54, Richmond Street
New York
Date: February 26, 2024
To,
The Manager
ABN Bank
New York
Dear Mr. Brown,
Respected Sir/ Madam,
I, Arnold Smith, hold a credit card with your company under the account number 123456. I am writing this letter to inform you that at present, I am unable to make payments due on my account because I have lost my job.
At present, I am working as a freelancer to have my ends meet and also I am looking for a new job. I have shared with this letter a copy of my monthly expenditures and income which clearly reflects that I am not in a state to settle my credit card bills at this moment. At this point in time, I am able to earn that is only enough to support my family and therefore, I am finding it extremely difficult to pay the EMIs on my credit card.
Therefore, I am writing this letter to request you to kindly put my account on hold for three months and also suspend the interest, if possible. I am quite hopeful that I am going to get a job during this time and I am going to inform you as soon as my financial situation changes.
I am making all efforts possible to have things work out and have my financial situation get better. And I am hopeful that you will consider my situation and make these required changes that I have requested for.
Thanking you for your time and patience with this matter. I will be looking forward to hear from you.
Sincerely,
Arnold Smith
54, Richmond Street
New York