Is this a heavily planted tank? Just wanted to know for sure, because if your tank is fully cycled you would be reading nitrate unless you have a lot of plants that are sucking up all the nitrate.
It does sound like there's some kind of infection, whether bacterial or true fungal, anything that looks like fuzz or cottony tufts would be one or the other... or sometimes both... but an actual photo would help if possible.
There may be other things going on, as well. Weight loss like that can indicate an internal parasitic issue, which can be a factor in developing other illness such as infection.
True fungus is often at the site of an injury, though a fugus could develop at the site of an ulcer or other lesion that is bacterial in origin.
As soon as possible, please provide the answers to those questions, we want to help and diagnosing and implementing measures to help her as quickly as possilbe will improve her odds at recovery.
Fungus has a long, whispy, hairy appearance; like a piece of food that has been overlooked in the tank for several days, whereas bacterial infection that is fuzzy looks more like wet cotton, or a filminess, or cottony tufts.
It would be very helpful if you could give us more information, really the answers to all the questions here:
http://www.aquariacentral.com/forums/showthread.php?t=180877
This may seem tedious... and it is pretty much... but the answers will help us think through this and assist you in figuring out what is going on and what we might want to suggest to help your Platy.