Company
Address
City, State, Zip

Date:

RE: Account number

<>Dear Sir/ Madam,
I am presently going through some financial difficulties and fear that I will not be able to meet my monthly payments to you. I do not want to declare bankruptcy and want to try and work out an alternate payment plan, so that I don’t have to default on this debt.
I would like to suggest a strategy if it is acceptable. If you could close my account, waive the interest payments and accept a new balance of <50% or whatever you propose> of what I currently owe, I can afford to make a monthly payment of $__________
(Relate your financial trouble, only as much is required for official purposes)

I am sure you will agree to the situation which has caused this fallout. Please feel free to have one of your representatives call me and work out the final strategy.
If you feel, you can’t adjust the payment plan, I would be forced to default on this account. I intend to pay creditors who can work for me.
Thanking you,

Sincerely,

Your Name
Your Address