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Letter 1 - Request to suspend payments and freeze interest Template letter

Request to suspend payments and freeze interest for a set period

This letter template is to be used by a debtor who cannot pay anything towards their contractual monthly payments to their creditors. This is a temporary solution that may be suitable for people who are having financial difficulties but will be able to commence normal, regular payments in the near future.

Suitable for:
  • Someone who has been ill or hospitalised.
  • Someone who has been temporarily out of work but is about to resume employment
  • Someone who is expecting a financial windfall in the near future
Benefits:
  • There will be a period of time where payments are suspended during which creditors may agree not to contact you by phone or post or take legal action until the situation resolves.
  • Interest and charges may be frozen by the creditor which means your debt will not increase during the agreed period.
Disadvantages
  • This is only a very temporary solution and creditors will want to review the situation regularly.
  • The creditors are not legally bound by such an ‘informal’ agreement and may still take action to retrieve their debts.

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