Letter to Creditor, Bankruptcy Alternative

You do not need to be a professional writer to draft an effective letter to creditors. Frequently, merely the suggestion of bankruptcy results in almost immediate yet small offers to reduce payments. Yet to fully exercise options and alternatives, a well written letter and follow up calls will produce far better results. A well written letter from a known bankruptcy attorney often works wonders. Most large national lenders maintain a database that includes attorneys filing bankruptcy on behalf of mutual clients.

How to write a creditor letter yourself

Writing a productive letter is not hard. The best letters to creditors always include supporting documentation that can be independently verified by creditors. In this regard, you are alerting your lenders to factual developments that directly impact your ability to perform. The opposite approach - unsupported opinions - tend be highly ineffective producing agreed discounts and debt settlements. Towards this end, remember:

• State your most import point first, rather than saving your request for a big finish. This allows your reader to consider your proposal while you have their attention, and have the opportunity to provide supporting rationale.
• Clear, correct and decisive writing styles always work best. Rambling, tentative suggestions seldom persuade any debt collector toward a settlement or compromise agreement. Fancy language, fine writing and legalese are not required and easily become inflamatory.