Whats A Financial Hardship
Description
How to fill out Letter To Creditors Informing Them Of Fixed Income And Financial Hardship?
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FAQ
In a straightforward manner, explain what caused your current financial struggles, whether it is a job loss, divorce, medical emergency or another unexpected hardship. Highlight how you're being proactive about your financial situation.
Explain how this situation has affected your finances, such as requiring you to use your credit card to pay medical expenses or leaving you unable to pay other bills. Include precise dollar amounts whenever possible as well as details of what you've done to try to keep up with your payments despite your hardship.
Examples of hardship events include: Employment status change (layoff, furlough, reduction in pay, transfer) Military deployment. Divorce or separation.
Based on my current income and expenses, including my $700 mortgage payment and $200 car loan payment, I am not able to make my regular credit card payments. In place of my payment of $100 per month, I ask that you accept $30 per month for the next four months starting in March. I will pay by the 15th of the month.
The first step to prove hardship is to show your lender how much income you have and how much you spend on your essential living expenses. You will need to provide copies of your pay stubs, bank statements, tax returns, and bills for utilities, insurance, medical, and other necessities.
