Promise a Delayed Payment to a Creditor

This letter should ensure the creditor that you are intending to pay back, as soon as you can. Use very simple language and don’t commit payment which you cannot pay later, be very honest about your situation. A common mistake that people do is that they make payment promises that they won’t be able to fulfil later. That should be avoided. Being honest helps.

Writing this letter ensures that you are taking accountability for your delayed payment and are giving your right reasons for the same. It is helpful in maintaining business relations and not preceding one’s trust. It’s necessary to give the exact details as to why you can’t make the payment immediately and why exactly you need extra time.

Tips To Write A Delayed Payment To A Creditor Letter

Give an honest reason.
Pick up a polite and apologetic tone
Keep the language simple to understand.
Mention when you intend to make the payment instead.

Template

Use our free Delayed Payment to a Creditor Letter to help you get started.

From,

_____________

_____________ ( your address)

Date:_______________

To,

_____________

_____________ ( address of the person the letter is addressed to)

Subject:_______________

Dear Sir/Ma’am,

This is to inform you that I will not be able to make the payment for this month due as I was laid off a week back and I am suffering from financial setbacks I would pay ________ to show my interest in paying and will be paying the remaining amount ______ (Time when you will pay). I can’t afford to pay the huge amount at this point in time and I hope you understand the crisis I am going through.

I am looking for job, and my wife is also trying for the same. I am hopeful we will be able to pay back soon. We hope that you will give us some more time. Please tell if this is okay with you or else we have to make other arrangements. I have been your customer for past three years and have always made the payments on time. I hope you will consider that and give us some time.

Thankyou.

Yours faithfully,

______ (Your name)

Sample Letter

The following is a Sample of a Delayed payment to A Creditor letter.

From,

Ankush Rai,

32 Cantonment,

Azad Nagar,

New Delhi.

Date: 3rd March 2019.

To,

Deepak Jain,

142, Fort area,

New Delhi.

Subject: Inability to make payment on time.

Dear Sir,

This is to request that I will not be able to make the payment for this month due as I am not working now. I was laid off a week back, and I am suffering from financial setbacks I would pay Rs. 45,000 to show my interest in paying and will be paying the remaining amount next month. I can’t afford to pay the huge amount of Rs. 2,30,000 at this point and I hope you understand the crisis I am going through.

I am looking for a job, and my wife is also trying for the same. I am sure we will be able to pay back soon. We hope that you will give us some more time. Please tell if this is okay with you or else we have to make other arrangements. I have been your customer from past three years and have always made the payments on time. I hope you will consider that and give us some time.

Sincerely,

Ankush Rai.

Email Format

The following is the Email Format that should be followed while writing a Delayed payment to A Creditor letter.

To: name@email.com

From: name@email.com

Subject: Delayed Payment to a Creditor Letter

Dear Mr./Ms/Mrs.______(Name of the recipient)

This is to inform you that I will not be able to make the payment for this month due as I was laid off a week back, and I am suffering from financial setbacks I would pay ________ to show my interest in paying and will be paying the remaining amount ______ (time when you will pay). I can’t afford to pay the huge amount at this point, and I hope you understand the crisis I am going through.

I am looking for a job, and my wife is also trying for the same. I am hopeful we will be able to pay back soon. We hope that you will give us some more time. Please tell if this is okay with you or else we have to make other arrangements. I have been your customer for past three years and have always made the payments on time. I hope you will consider that and give us some time.

Thank you.