Sample Letter to Creditors
(Date)_______________ (Name of company) _____________________________,
(Give the reason for and details of the financial situation that prevents you from meeting your financial commitments to this creditor. For example, job loss, illness, etc.) and I am asking for your cooperation during this difficult period.
Until (your situation – strike, temporary stoppage, etc.) is over/resolved, I need to cut back on all my regular payments. I am proposing to pay you $_____ for a certain period (__________ months) instead of my regular payment of $_____. I find this proposal to be acceptable given the difficult circumstances that are temporarily disrupting my financial situation. When (problem) is over/resolved, I will propose another reimbursement plan that will allow me to catch up on my payments.
Please let me know if you are in agreement with this arrangement.
Thank you for your understanding. - Your signature Include your account number, address and telephone number.
Based on the “Sample letter to creditors”, produced by The American Federation of Labor and Congress of Industrial Organizations (AFL-CIO) available at: www.aflcio.org/issues/jobseconomy/unemployment/checklist/creditors.cfm.
Take charge of your debts (www.consumer.ic.gc.ca/debt) Office of Consumer Affairs, Industry Canada.