You could start off in a formal manner by stating "Dear Sirs, Due to unforeseen circumstances beyond my control, I regretfully request an extension on my payments,” or if you are really struggling with debt, you can find alternative options.
It depends how long the payments are for but mention this and how long you need to defer for. It is crucial the tone is formal but not desperate as you need the money more than them. Furthermore, if you're not afraid to ask your creditors for deferred payments, interest payments lower, or reduce or delay to load, you can manage your own fault accordingly. There will be an opportunity to negotiate with creditors who are more than happy to discuss. Most creditors prefer this option debt.
If you do not have money available or any other capital or credit then you need to manage your debt by getting in contact with your creditors today and begin your process control straightaway. Debt is a nightmare and express you understand the situation and that you will endeavour to try hard if you gain a deferral payment.
Save or read the agreements between you and your creditors. Ask them to give you a written statement regarding the agreement. This will protect you in case where your creditors reconsider their offer. Anything in writing is essential as you will have a written record in black and white that is concrete evidence.
You will then need to send a written request to your creditor leniency application and cover things such as deferred payments, monthly delivery plans and ensure you keep copies of all letters you send or receive to and from your creditors.
It depends how long the payments are for but mention this and how long you need to defer for. It is crucial the tone is formal but not desperate as you need the money more than them. Furthermore, if you're not afraid to ask your creditors for deferred payments, interest payments lower, or reduce or delay to load, you can manage your own fault accordingly. There will be an opportunity to negotiate with creditors who are more than happy to discuss. Most creditors prefer this option debt.
If you do not have money available or any other capital or credit then you need to manage your debt by getting in contact with your creditors today and begin your process control straightaway. Debt is a nightmare and express you understand the situation and that you will endeavour to try hard if you gain a deferral payment.
Save or read the agreements between you and your creditors. Ask them to give you a written statement regarding the agreement. This will protect you in case where your creditors reconsider their offer. Anything in writing is essential as you will have a written record in black and white that is concrete evidence.
You will then need to send a written request to your creditor leniency application and cover things such as deferred payments, monthly delivery plans and ensure you keep copies of all letters you send or receive to and from your creditors.
