Date:
To
Name:
Address:
Contacts:
Dear Sirs,
RE: OUTSTANDING DEBT
We write on the above reference seeking accommodation on the repayment of any outstanding debt.
We regret to inform you that we are currently experiencing unexpected financial challenges that have significantly impacted our ability to pay off any debts and threaten our continued business operations.
We are alive to the fact that plenty of persons are also experiencing financial difficulties, especially during this COVID-19 pandemic period; therefore, this letter in no way suggests that our financial challenges are unique or that your debt is immaterial to us; if anything, it makes our plea harder to present to you.
To eventually revert to a financial position wherein we can settle any debt in full or at least significantly, we have had to channel our limited resources to keep the business afloat, such as paying employees’ salaries.
Your apprehension in the circumstances is understandable and reasonable, but we employ on your good selves to bear with us as we endeavor to cross this hurdle. Please note that we are open to further correspondence with you to alleviate your anxiety on the matter.
We ask that you see this letter as a sign of goodwill from us on our willingness to settle any outstanding debts.
Thank you in advance.
Yours sincerely,
__________________________________
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