The following text could be used in a letter to your creditors if you are unable to make any offer to them. Before making the decision to send this letter it’s best that you seek financial advice to make sure this is the best way forward.

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Creditor name
Address & postcode
Date

Dear Sir or Madam:

RE: Account No __________

I regret to inform you that I am currently unable to pay my monthly payments because __________.

I have attached a copy of my financial statement that outlines my present expenses and income details. As you will see from that information, I cannot make you an offer for payment at this time as I am on __________, which is a __________ benefit only intended to cover my very essential needs.

I am writing to request that you will hold action on my account with you for a period of 6 months and also suspend interest to avoid any further debt from increasing.

I’m trying my very hardest to improve my situation, and will contact you as soon as my financial circumstances get better. I’m hopefully that it will be very soon.

Thank you for your cooperation at this time and I look forward to your response.

Yours truly,
__________