Sample Debt Negotiation Letter 7 Request a Lower Interest Rate
Name of Credit Card (Or other type of ) Company
City, ST Zip
Re: Account of [name account is under]; Account No. [insert account number]
I am writing this letter to inform you that I have [lost my job, over-extended myself, become ill, etc.] and am having difficulty paying all of my debts each month. This is not a temporary condition. I suspect that I am going to have trouble paying my debts for the next _______ years.
I want to do everything I can to keep my accounts current and stay out of bankruptcy court. Therefore, I am requesting that the interest rate on my Visa be lowered significantly so that my monthly payment will be lowered, and I can continue making my monthly payments without defaulting.
I am currently paying about $____________ to you each month. I would like this payment reduced to $_________ each month so that I can pay all of my bills and living expenses. Is it possible for a reduced interest rate on my Visa (or MasterCard) that would allow me to make such a payment? Thank you for your attention to this matter and I very much appreciate any help you can give me.