Good Faith Partial Payment to Creditor
This is to inform you that we are in receipt of your letter of [date]. We acknowledge that the account is in the arrears in the amount of $ [dollar amount].
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, we would like to suggest that we send you $ [dollar amount] per month for a period of [#] months in order to satisfy this obligation. Enclosed is the first check for $ [dollar amount] as a sign of good faith. We hope 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 few months, we will be most happy to remit the entire balance owing on this account.
Please let us hear from you regarding the proposal outlined. Thank you for your patience and understanding in this regrettable situation.
Very truly yours,