Sample letter

Token payments or no offer of payment (sole name)

​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, my circumstances have changed. My small business is having trading difficulties and I cannot now afford to make the agreed payments on this debt. I feel that with the cooperation of my creditors I may be able to continue trading.

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

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

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

I look forward to hearing from you.

Yours faithfully