In these economic times, keeping a job is difficult with all the layoffs that companies are making to keep afloat, and you happen to be one of chosen few to be laid off. Now this has put you and your finances in a predicament, trying to find a new job can be rather hard when no one is hiring and companies are trying to trim expenses of their own. When a couple of months has passed by searching for a new job you are starting to feel the pressure of not having enough money to pay bills every month. So it's time to put a plan into action so you don't lose everything you have worked so hard for. Sending a letter to your creditors can help reduce your debt amount each month, and hopefully creditors will give you some consideration. Here is a sample letter you can use to request a repayment plan until your back to work.


Your Name: _____________

Your Address:____________

Your Phone #: ____________

Date: _________________________

Creditor's Name________________

Dept: _________________________

Creditors Address: ______________

To Whom It May Concern: _________________

Re; Account Number______________________

This letter is a formal written request for a temporary change in the repayment terms of my debt account. I am currently undergoing a financial crisis and may not be able to follow the current payment plan. I have no plans to file bankruptcy and my preference is to completely repay this obligation.

I have become unemployed and unable to find work. Income from unemployment has caused me to re-examine my financial situation and after trying to plan a budget, it became apparent for me to request a reduced/alternative payment plan for a number of months (36) from each of my creditors.

I would appreciate your consideration in making this payment plan effective as soon as possible. I am requesting that you accept a monthly payment of $_____________ instead of $______________ made on the 15th of each month. I will begin making my regular monthly payments as soon as I have recovered from this financial crisis. I hope you will understand my situation and work with me on this repayment plan. I shall notify you by written letter of any change in my financial situation.

As soon as I RECOVER from this financial crisis and my financial status has changed I will resume making regular monthly payments. I hope you will understand my situation and co-operate with me. I shall surely notify you of any change in my financial situation.

Your co-operation during this difficult time is highly appreciated.


You're Written Signature___________________

You're Name____________________________