Request Creditor for Alternative Payment Plan

[Your Name]
[Your Address]
[City, State ZIP Code]
[Date]

[Creditor Name]
[Address]
[City, State ZIP Code]

RE: Request for Alternative Payment Plan - Account #[ACCOUNT NUMBER]

Dear Sir/Madam:

I have been a valued customer of [Creditor Name] for [NUMBER] years and have successfully made on-time payments to your organization. However, due to recent unforeseen circumstances, I am currently experiencing temporary financial difficulties.

Account Information:

Account Number: [Account Number]
Current Balance: $[Amount]
Current Monthly Payment: $[Amount]
Interest Rate: [Rate]%

Current Situation:

I have experienced [job loss/medical emergency/reduction in income/other hardship] which has temporarily impacted my ability to make the full monthly payment of $[AMOUNT]. However, I am committed to meeting my financial obligations to your organization and am not seeking to avoid payment.

Request for Alternative Payment Plan:

I am requesting that we work together to establish an alternative payment arrangement. I propose one of the following options:

Option 1: Reduced Payment Plan
Reduced Monthly Payment: $[REDUCED AMOUNT]
Duration: [NUMBER] months
Then resume regular payment of $[ORIGINAL AMOUNT]

Option 2: Extended Repayment Plan
Extended Term: [NUMBER] additional months
Monthly Payment: $[AMOUNT]
This spreads the payments over a longer period to increase affordability

Option 3: Payment Deferment
Deferment Period: [NUMBER] months
Deferment begins: [DATE]
Resume full payments: [DATE]

Why Grant This Request:

By working with me on an alternative payment arrangement, your organization will:

• Maintain a valued customer relationship
• Ensure that you continue to receive payments rather than face default
• Avoid costly collection and charge-off procedures
• Keep the account in good standing once I recover from this hardship

This is a temporary request based on current circumstances. I fully expect to resume normal payment obligations within [TIMEFRAME] once my situation improves.

I am prepared to discuss these options at your earliest convenience and can be reached at [YOUR PHONE NUMBER] or via email at [YOUR EMAIL].

Thank you for considering my request and for your understanding during this temporary financial challenge.

Sincerely,

[Your Name]
[Your Signature]