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I am writing this letter to request a settlement of my remaining balance due to the financial hardship that I am currently facing. While receiving care at your hospital, I incurred expenses totaling $15,000. Without any insurance, I was left to cover the whole bill.
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.
Lenders may use them to determine whether or not to offer relief through reduced, deferred, or suspended payments. Hardship Examples. ... Keep it original. ... Be honest. ... Keep it concise. ... Don't cast blame or shirk responsibility. ... Don't use jargon or fancy words. ... Keep your objectives in mind. ... Provide the creditor an action plan.
The IRS may agree that you have a financial hardship (economic hardship) if you can show that you cannot pay or can barely pay your basic living expenses. For the IRS to determine you are in a hardship situation, the IRS will use its collection financial standards to determine allowable basic living expenses.
Because my income has dropped considerably I can no longer afford the terms of the original loan. As a loyal customer of your financial institution, I'd like to ask for the following: ? A lower interest rate amount of NO MORE THAN 6% ? Accept lower payments of $ _________ per month.