To Whom It May Concern:
In my current financial situation, I am unable to pay the required monthly payments as originally agreed. My financial position is described below:
I am able to pay $_____ per month starting on ________________, and I expect to resume making the full monthly payment on or before _____________________.
It would help me so much if you would accept this reduced payment schedule. If necessary, you may add the unpaid amount to the end of the account period and extend it by the appropriate number of months.
Thank you for your consideration and understanding. Please let me know within 20 days if the foregoing proposal is acceptable.