[Your Name] [Your Address] [City, State, ZIP] [Email Address] [Phone Number] [Date] [Recipient's Name] [Recipient's Designation] [Creditor's Name] [Creditor's Address] [City, State, ZIP] Subject: Request for Temporary Reduction of Loan Payment Amount Dear [Recipient's Name], I hope this letter finds you in good health and high spirits. I am writing to you as a valued customer of [Creditor's Name], currently facing unexpected financial hardships due to unforeseen circumstances. I am sincerely requesting your assistance by temporarily reducing the loan payment amount on my [specific loan type] for the duration of [time period]. Furthermore, I have been a diligent borrower with a consistent payment history since the inception of the loan. However, due to [briefly explain the reasons behind the financial hardship], I am currently struggling to meet my financial obligations. This situation is only temporary, and I firmly believe that by temporarily reducing the loan payment amount, I will be able to ensure my financial stability and maintain a satisfactory credit profile. To provide you with more clarity regarding my financial situation, I have attached supporting documents, including [list the documents you are attaching, such as bank statements, pay stubs, proof of unemployment, medical bills, etc.]. These documents accurately depict the current state of my finances and substantiate my need for temporary assistance. Considering the exceptional circumstances I find myself in, I kindly request you to review my request for a temporary reduction of the loan payment amount. I propose that the payment be reduced to an amount that is reasonably proportionate to my current financial capacity, enabling me to fulfill my obligations without undue financial hardship. Although I understand that this may not be a regular practice, I believe my consistent payment history and commitment to honoring my financial responsibilities make this a fair and justified consideration. I solemnly assure you that this request is temporary and specific to my current situation. I remain committed to the original terms and conditions of the loan and am dedicated to resuming regular payments as soon as my financial circumstances improve. Furthermore, I kindly request your prompt attention to this matter and ask that you communicate your decision in writing within [reasonable time period, e.g., 14 days]. You're understanding and support during these challenging times would greatly alleviate my financial burden and allow me to focus on rebuilding my stability. Thank you for considering my request. If you require any additional information or documentation, please do not hesitate to contact me at [phone number] or [email address]. I appreciate your attention to this matter and eagerly await your favorable response. Yours sincerely, [Your Name]
Colorado Sample Letter for Request to Creditor for Temporary Reduction of Loan Payment Amount
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How to fill out Sample Letter For Request To Creditor For Temporary Reduction Of Loan Payment Amount?
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FAQ
Subject: Request for settlement of my loan. Dear Sir / Madam, I am the holder of Savings/Current Account, A/C No..... (Account Number) in your bank. I was granted a personal loan / business loan / vehicle loan of Rs 10,00,000 by your bank and the repayment period is 5 years and interest rate is 13 percent per annually.
Bank statements showing a reduction of income, essential spending and reduced savings. a report from a financial counselling service. debt repayment agreements. any other evidence you have to explain your circumstances.
Before you write a request letter, one should know to whom the letter is addressed....Here is the simple format of the request letter:Date.Recipient Name, designation and address.Subject.Salutation (Dear Sir/Mam, Mr./Mrs./Ms.)Body of the letter.Gratitude.Closing the letter (Your's Sincerely)Your Name and Signature.
I sincerely want to keep regular EMI payments but require restructuring in the terms of the loan. I request that the monthly EMI payments to be reduced so I can pay my EMI on before due date in the future without any failure. I would appreciate if you could restructure the EMI amount of my loan to about Rs.
Due to my financial hardship and in order to meet necessary household expenses plus credit payments, I am asking each creditor to accept a reduced payment for the next (#) months on my debt. By that time I hope to be back to work. If my situation improves sooner, I will notify you at that time.
Explain the reasons for your hardship clearly and concisely. Include any supporting documentation that you have (e.g., copy of your unemployment awards letter). Be specific about the remedy you are seeking, and don't promise to send more money than you can reasonably afford.
Dear Creditor: Due to a layoff, I am temporarily out of work and am experiencing financial difficulty. Due to my financial hardship and in order to meet necessary household expenses plus credit payments, I am asking each creditor to accept a reduced payment for the next (#) months on my debt.
Some examples of events that a lender may consider to be a financial hardship include:Layoff or reduction in pay.New or worsening disability.Serious injury.Serious illness.Divorce or legal separation.Death.Incarceration.Military deployment or Permanent Change of Station orders.More items...?19-Nov-2021
Tips for Writing a Hardship LetterKeep 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.Talk to a Financial Couch.
Due to (Mention reason- Financial problem/ Personal reason/ any other reason), I request you to kindly allow to make the remaining payment in installments i.e (Amount) every (Month/ Week) in order to clear off the debt.
