[1 Downtown Street]
[City, Province Postal Code]
ATTENTION: CREDIT DEPARTMENT
RE: ACCOUNT # 1234 567 890 SMITH, JOHN
Due to a [layoff], I am temporarily out of work and am experiencing financial difficulty.
Due to my financial hardship and in order to meet necessary household expenses plus credit payments, I am asking each creditor to accept a reduced payment for the next (#) months on my debt. By that time I hope to be back to work. If my situation improves sooner, I will notify you at that time.
I would appreciate your consideration in this matter as I am not able to meet the regular payment of [$]. I will pay you [$] per month during this emergency.
I request that my account not be placed with a collection agency as I wish to deal with you directly. Over the next 90 days, I ask that you also please consider withholding interest on my debt.
You can be sure that I will resume regular payments on my debt as soon as I am able. I will notify you when my situation improves. Please only contact me in writing at the address below and I will respond to your letters in a timely manner.
[complete mailing address]