Dear Sir/Madam
Account No:
Since making the above agreement with you, my circumstances have changed. My small business is having trading difficulties and I cannot now afford to make the agreed payments on this debt. With the cooperation of my creditors I may be able to continue trading.
I enclose a budget sheet which shows my total income and my outgoings. As you can see I have only £ per month left for my creditors.
I have worked out the offers I have made to my creditors on a pro-rata basis and I have written to all my creditors asking them to accept reduced offers.
Because of my circumstances please agree to accept a reduced offer of £ per month. If you are adding interest or other charges to the account, please freeze these so that my debt does not increase. If my circumstances improve I will contact you again.
Please send a to make it easier to pay you.
I look forward to hearing from you.
Yours faithfully