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UNABLE TO PAY CREDITORS

Are you struggling to afford your debt repayment?

Do you need time to get your life back on track and stop worrying about outstanding debts?

There are ways you can request to cease all payments by contacting your creditors.

One way is to explain to your creditors that you are finding it increasingly difficult to afford basic living costs. A good way to show that your financial situation is unsustainable is to use an online budgeting or income calculator.

By creating clear and accurate representation of your monthly income and expenditure, you can give your creditors a idea of where your money is coming from and where it's going. You may even be able to save money by eliminating any non-essential items from your expenditure.

Use this letter template to construct a message to your creditors that explains your situation and how you will need time to get back to a more comfortable financial situation.

You will need:

  • A valid reason to ask to halt repayment for the foreseeable future.
  • Your account/reference number.
  • An estimated date to resume your repayment.
  • A copy of your financial statement.

DOWNLOAD LETTER TEMPLATE

If this method doesn't work - you may need to consider the option of paying more sizable amounts when you get back into your monthly repayments. You can decide how much extra you'd like to pay back, although your creditors will have a final say in the matter.

This letter template may show goodwill on your part and encourage your creditors to consider being more lenient with your proposal. However, your creditors are not obliged to accept any of the terms offered in your letter.

You will need:

  • A valid reason to refuse repayment for the foreseeable future.
  • Your account/reference number.
  • A copy of your financial statement.
  • Certainty that you can afford larger repayments in the future.
  • An estimated date to resume your larger repayment.

DOWNLOAD LETTER TEMPLATE