Sample letter

Token payments or no offer of payment (joint names)

​Use this letter to ask your creditors to accept a token payment or no payment on your debts.


25 November 2020

Dear Sir/Madam

Account No:

Since making the above agreement with you, our circumstances have changed. Our small business is having trading difficulties and we cannot now afford to make the agreed payments on this debt. We feel that with the cooperation of our creditors we may be able to continue trading.

We enclose a budget sheet which shows our total income from all sources, and our outgoings. As you can see, we have only £ each month left for our creditors.

In view of our circumstances, would you please accept to be reviewed in six months. If interest or other charges are being added to the account, we would be grateful if you would freeze these so that the debt does not increase.

If my circumstances improve, we will contact you again. We would be grateful if you would send a to make it easier to pay you.

We look forward to hearing from you.

Yours faithfully