Good Faith Partial Payment to Creditor

Dear

This is to inform you that I am in receipt of your
letter of (date) and I acknowledge that my account
is in the arrears in the amount of $

We have been experiencing some difficulties lately in
collecting our accounts receivable and unfortunately the
domino theory has become a reality.

In fairness to all of our creditors, I would like to
suggest that I send you $ per month for a period of
months in order to satisfy this obligation. I am
enclosing the first check for $ as a sign of good
faith and am hoping that this proposal will be acceptable
to you. It is understood that should we be successful in
our attempts to collect some of our larger receivables
during the next months, I will be most happy
to remit the entire balance owing on this account.

Please let me hear from you regarding the proposal I have
outlined. Thank you for your patience and understanding
in this regrettable situation.

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