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Do you know your consumer rights! These sample letters to creditors can help you negotiate lower payments or delay making payments to your creditors when you're income has been reduced or lost altogether.

  1. When should I contact my creditors?
  2. Advantages of contacting creditors early
  3. Guidelines for contacting creditors
  4. Sample Letters and Scripts

Up 1. When Should You Contact Your Creditors?

Your creditors want to hear from you before you become delinquent on bills!

Creditors are more willing to work with you if they know what your situation is ahead of time.

If your bills are already late, and you have not contacted your creditors, then your credibility may be damaged, or they may have already turned your account over to collections.

Up 2. Advantages of contacting creditors early

Early intervention may get your creditor to:

  • eliminate late charges on your account.
  • not report your delinquency to credit reporting agencies.
  • permit you to make interest-only payments for awhile
  • Prevent your utilities from being cut off.
  • Not turn your account over to a collection agency
  • Defer payments to the end of your contract.

Up 3. Guidelines for Contacting Creditors

Before contacting creditors, know what you can and cannot afford to do - try to figure out a solution that you can live with and will make them happy, too!

Only promise to pay what you can afford by asking yourself these questions:

  • How much take home income can I count on?
  • What are my current fixed payments? (mortgage, rent, auto loans, etc.).
  • What are my current flexible expenses? (food, clothing, fun, etc.).
  • Will I have additional income in the future?

Up 4. Sample Letters and Scripts

When contacting your creditors by phone, write down what you intend to say to help defuse the emotion, and make it easier to talk with them.
Try this Free Sample Creditor Phone Script.

If you call, take good notes, especially the name of the people you speak with, the date and time you talked with them, and what arrangements they agreed to.
Here is a Free Sample Creditor Phone Log

Follow up all phone calls with a letter and always keep a copy for yourself. A follow-up letter helps confirm and clarify what was agreed upon, shows you really want to resolve the problem, and gives you and your creditors a record of what was said.
Free Sample Creditor Confirmation Letter.

Up Be honest and courteous. Never promise one creditor money that you already agreed to pay another creditor.

Always keep a copy of your payment plan by the phone in case creditors call and want you to pay them more money.

Let all your creditors know your situation and try to stick as close to your plan as possible.

If you've fallen behind on your bills, especially credit cards, don't panic. You may have several good options available to you. Your success starts by assessing your current situation and finding a trusted service provider that is licensed in your state.
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