Below is a sample debt negotiation letter. It is recommended that a lawyer or debt counselor review the letter to make sure all of the terms used are accurate. It should be sent by certified mail with a return receipt requested. If the letter is going to a debt collector, the consumer may have a better chance of getting a favorable result if they send the letter towards the end of the month. The consumer should keep a copy of this letter and any other communication with the creditor.
Sample Debt Negotiation Letter
Name of Consumer
Address of Consumer
City, State, Zip Code
Name of Creditor
Name of Company if applicable
Address of Creditor
City, State, Zip Code
RE: Request to negotiate my credit card payments Account Number NUMBER
Dear Name of Creditor or Name of Person in Charge of Debt Negotiation:
This letter is a formal request to have my credit card payments reduced for the next six months. I was recently in an automobile accident through no fault of my own and sustained injury to my neck. Because of this I lost my job and have used my savings to help pay medical bills. The insurance will pay the majority of the bills, but I still have no income. My wife is still working, but her salary is not enough to meet our monthly expenses as well as pay down our credit card debt.
I would be able to pay half of the monthly amount AMOUNT for the next six months at which time I hope to be back to work. I would not like my misfortune to cause my credit rating to drop as I am willing to pay all of my debts if I could have a reduced payment of AMOUNT starting on DATE and ending with the last reduced payment on DATE.
My wife and I are moving in with my parents for a few months to save money. My previous boss has promised me my old job back as soon as I am able to work. I have enclosed copies of my medical bills and doctor’s report about my injury.
Please call me at your earliest convenience to discuss this matter. I recognize the importance of paying all of my debts and have every intension of doing so. I can be reached at Phone Number or at Email Address.
Thank you for your consideration of this matter.
Signature of Consumer
Printed Name of Consumer
List of Enclosures: Copies of Medical Bills and Doctor’s Report
By Andre Bradley