Dear Creditor,

We have come to a point where we are no longer able to make our current credit card payments.

These circumstances mainly came about due to several businesses that failed. I was laid off in 2001 from a company where I served as the Vice President of Rocket Technology, making a yearly salary of over $60K, more than enough to pay for our mortgage and other living expenses. Before that, I had worked for a large corporation for 18 years and made a comfortable living including enough to set aside nearly $100K for retirement.

After being laid off, I tried several job opportunities. First, I tried my hand at insurance sales. I worked diligently and made a small commission but not enough to pay our monthly expenses plus the mounting credit card bills. We continued pulling money out of our retirement savings to keep current with the mortgage. We refinanced our primary residence and took out the equity to pay our bills in order to keep from draining our retirement account completely.

I left the insurance sales business to return to what I knew I was skilled at, rocket science. Several business owners asked if I could help them build rockets, so I opened my own company, Rocketman Inc. I worked tirelessly for almost four years, nearly bankrupting my marriage in the process, but unfortunately, I could not make enough money to cover expenses. Holding out hope that business would pick up and not wanting to give up before it had a chance to take off, we lived off the rest of our retirement money, credit cards, and what little the business took in, which averaged between little$$ and less$$ a year. We eventually drained the retirement account and took out a second mortgage on our primary residence to keep up with credit card payments.

After a few late payments, the interest rates on all the cards had climbed to at or near 30%. We were now over $100K in debt and sinking fast. In 20xx, I returned to the workplace full-time. I settled for a job cleaning rockets that paid less than our monthly expenses with a promise from the owner that quarterly bonuses would make up the difference. The bonuses never materialized.

We are now looking at turning all our credit cards over to a Debt Management Plan (DMP) in order to be able to make the minimum payments and get the interest rates lowered. We are no longer able to make both the mortgage payments and the current credit card payments and will have to consider bankruptcy if we can't alleviate the unbearable load. We are up against a wall. We want to pay our debts but we just can't see how to do that and keep our home. We hope you can see our predicament and offer a reasonable repayment plan.

Sincerely,
Jimmy Neutron
Boy Genius  

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