You can use this letter when you have no money available to offer to your non-priority creditors. Thank the creditor for its willingness to work with you if you proposed a lower payments or temporary forbearance on payments. Contract Template Between Two Parties Best Of Sample Loan Agreement Between Two Parties New 6 Contract Contract Template Contract Agreement Agreement Thank you in advance for your understanding of my situation. Business letter to creditors unable to pay . You can choose to send a letter in your own name or in joint names. Fundamentally the bank wants you to be able to pay your bill over time so working out a plan with you is expected says Goldman. If you are informing your creditor that you have made required payment you need to put the main idea in first paragraph and use direct approach of letter writing. If you are unable to pay your bills you may stop further communication from your creditors by sending them a Cease Communications letter such as th...