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You owe the debt and want to make payments but just can't afford the amount the collector is demanding.
When your financial situation prohibits you from meeting the payment demands of debt collectors, consider offering them a payment agreement that meets your needs not theirs. Use the letter below to write your own debt payment agreement letter.
Feel free to copy and paste the letter below into any word processor or, if you prefer, I'll send you an electronic copy absolutely FREE! Simply submit the form located at the right and I'll send a copy of this sample letter to whatever email address you provide.
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Free Sample Letter
Debt Payment Agreement Letter
Today's Date
Your Name
Your Address
Attention: {name of collector}
Name of Debt Collection Agency
Address
RE: Your {letter dated} or {phone call on date} reference account #: {place account or reference number here}
Dear Mr. /Ms. {Collector's Name}
According to my records and your {phone call or letter} the balance of this debt is $_____. I am not disputing this debt however; my current financial situation prohibits me from paying the amount you're demanding. I am able to make payments on this account every {insert date of month} to your company in the amount of $ _________.
I would appreciate a call from you confirming your acceptance of my payment terms. However, if I do not hear from you, I will consider your cashing or depositing my check as confirmation that you accept my payment terms. If you do not accept my terms then I expect the enclosed payment to be returned to me immediately in the enclosed self-addressed stamped envelop.
As a show of good faith I've enclosed my first payment in the amount of $________. If my financial situation improves enough for me to increase my payment amount I will contact you immediately. Thank you for understanding.
Sincerely,
Signature
Your Printed Name
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Prattville, Alabama (Est 1998)
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