Simply replace the unfilled areas such as "" and "[date]" with your information.
This letter is to notify you that I have received your letter of [date]. I recognize that my account is past due in the amount of $[amount].
We have recently experienced some financial pitfalls when collecting our accounts receivables. Unfortunately, it has begun to affect our ability to pay our own debts.
In fairness to you, our creditor, I ask that you allow me to send you a payment of $[amount] each month for a period of [numbers] months until our financial obligation is satisfied. I hope that this proposal is acceptable. The first check is enclosed as a show of good faith. Please be assured that if we are successful in collecting some of our larger receivables, I will be happy to remit the remaining balance on my account.
Please contact me regarding this proposal. Thank you in advance for your understanding during this difficult time.