1. The purpose of this letter is to convince a creditor that you will surely pay your debt. To avoid confusion, use unambiguous and simple language. Don't make any promises you can't keep. You should also write about your proposed plan or ask about any other payment plan that is suitable for you.
  2. In the beginning, notify your creditor that you are unable to pay your debt at this point.
  3. Explain why you can't make a full payment now. Do assure your creditor that this setback is temporary, and you will make your payment soon.
  4. Offer to pay a fraction of your debt, if it's possible for you.
  5. Mention a different payment plan or date as a solution to this problem.
  6. Tell the reader that you are grateful because of his/her patience and understanding your problem.


[Senders Name]
[Address line]
[State, ZIP Code]

[Letter Date]

[Recipients Name]
[Address line]
[State, ZIP Code]

[Subject: Normally bold, summarizes the intention of the letter] -Optional-

Dear [Recipients Name],

I am sorry to inform you that I will be unable to settle my monthly payments for my loan this June. I have been sick for the past few weeks and unfortunately, my usual salary was less than what I receive regularly. Because of this, I ask for your kind understanding that you allow me to pay only half of this month's dues. I assure you that next month, I will be able to settle my accounts correctly again. I do hope for your kind consideration in this matter. Thank you.


[Senders Name]
[Senders Title] -Optional-

[Enclosures: number] - Optional -
cc: [Name of copy recipient] - Optional -

Sample credit letter asking for a payment delay.

Further things to consider when writing credit letters to creditors

Further things to consider when writing credit letters to creditors

Credit Letters

Credit letters are a written commitment by a third party, issued to guarantee payment of goods and services only, when the seller provides the acceptable documentation. Credit letters are usually issued by financial institutions such as banks. However, in some cases, mutual funds and insurance companies may issue these letters under certain circumstances. Credit letters are used to guarantee that the buyers' payments to the sellers will be received for the correct amount and on time. If something comes up and the buyer is unable to pay the seller, the financial institution that issued the letter pays the seller.

Credit letters are usually instructions, so you only need to include basic details. Include details of the seller, the buyer, the receiving bank as well as the amount of money to be transferred. Since this is a formal letter, the tone must be professional. For added security, include a list of terms and conditions, which all parties agree on. Where appropriate and if necessary, mention any requirements from the seller. Let all parties know that the amount can be drawn any time from the day the letter is written to the time it expires.

Letters to Creditors

Letters to creditors are letters written to people or companies to whom money is owed. A creditor can be a bank, person, or any financial institution. If you have got some debts, you will definitely find yourself writing letters to creditors at some point. They could be inquiry letters to request information about your debts, cancellation letters to cancel credit agreements, or inform letters to inform the creditors of changes in the payment methods. Letters are a great and powerful tool to use when communicating with your creditors. They can help you to handle tough issues and protect your rights.

When writing letters to creditors, you need to make sure that you have all the required information. Address the letter to the appropriate person and use the right salutation. State clearly why you are writing the letter. Provide important details such as your contact and account information - you can reference this information before the body of the letter. If you had called the recipient regarding the issue, mention that in the letter. Mention other documents enclosed with the letter if any. Be brief and maintain a professional tone. Finish with your full name and signature.

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