District of Columbia Sample Letter for Request to Creditor for Temporary Reduction of Loan Payment Amount [Your Name] [Your Address] [City, State, ZIP Code] [Email Address] [Phone Number] [Date] [Creditors' Name] [Creditors' Address] [City, State, ZIP Code] Subject: Request for Temporary Reduction of Loan Payment Amount Dear [Creditors' Name], I hope this letter finds you in good health and spirits. I am writing to you in regard to the loan I have with your esteemed institution. I have been a loyal and responsible borrower, ensuring timely payments on my loan for the past [number of years]. However, due to unforeseen circumstances, I am currently facing financial difficulties that have caused a strain on my ability to meet the regular payment obligations. Explanation of Financial Hardship: [Provide a detailed account of the specific financial difficulties you are currently facing. Describe any significant changes in your income, unexpected medical expenses, job loss, increased cost of living, or any other factors impacting your ability to pay the loan as originally agreed upon.] Despite these challenges, I remain committed to repaying my loan in full and restoring my financial stability. To that end, I kindly request your assistance by granting me a temporary reduction in the monthly loan payment amount until my financial situation improves. This temporary relief will enable me to meet my basic needs while continuing to honor my financial obligations. Proposed Temporary Reduction: [Specify the exact reduced payment amount you are proposing. Present a realistic figure based on your current financial capabilities. State the duration for which you are requesting this temporary reduction, such as three months or six months.] I understand that this temporary reduction request may result in additional interest accrual and an extended loan term. However, I assure you that once my financial situation improves, I will resume making regular payments as initially agreed upon. I emphasize that my goal is to avoid defaulting on the loan and maintain a positive relationship with your institution. Enclosed with this letter, please find supporting documentation of my current financial situation. The provided documents include [list the documents being submitted, such as bank statements, pay stubs, tax returns, or other relevant financial records]. I trust that these documents will validate the authenticity of my financial hardship. I kindly request you to review my situation favorably and expedite the evaluation of this request. Furthermore, I understand that your institution has its own policies and guidelines for handling such requests, but I hope you will consider the unique circumstances I am currently facing. Should you require any additional information or need to discuss this matter further, please do not hesitate to contact me at [phone number] or via email at [email address]. I am available at your convenience. Thank you for your understanding and consideration in this matter. I appreciate your prompt attention to my request. Yours sincerely, [Your Name]
District of Columbia Sample Letter for Request to Creditor for Temporary Reduction of Loan Payment Amount
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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.
I am hoping you will accept a reduced payment of per month. Amounts will be increased as soon as possible until the debt is totally paid. I hope you find this plan acceptable. I look forward to your letter of acknowledgement; I have enclosed a pre-addressed envelope for your use.
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.
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
I respectfully request that you forgive my alleged debt, as my condition precludes any employment, and my current and future income does not support any debt repayment. Please respond to my request in writing to the address below at your earliest convenience. Thank you in advance for your understanding of my situation.
Dear Sir/ Madam, This is in with reference to the purchase of (Product/ Service/ Project) against your purchase order no. (order number) dated // (Date). We would like to request you for changing payment terms to (mention new terms).
Dear Sir/Madam, I have obtained a car/home/personal loan from your esteemed bank as per the following details. I would like to humbly request you to lower the interest rate on the loan amount as it is becoming extremely difficult for me to pay the loan installments. a) Loan account number: .
Contact the creditor you've selected and ask the requirements for a letter of credit. You'll need to follow the creditor's procedures to get your letter. Provide any documents the creditor requests, such as the agreement you have with the seller and your financial documents.
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.
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.
