Subject: Request for Temporary Reduction of Loan Payment Amount in Hawaii Dear [Creditor's Name], I hope this letter finds you in good health and high spirits. I am writing to discuss a matter of utmost importance regarding my loan with [Creditor's Company]. As a resident of the beautiful state of Hawaii, I find myself facing unexpected financial challenges due to [briefly explain the cause — health issues, loss of employment, natural disaster, etc.]. Therefore, I kindly request your assistance in temporarily reducing my loan payment amount. Hawaii, known for its breathtaking landscapes, vibrant culture, and warm-hearted people, is unfortunately susceptible to various factors that can impact individuals' financial stability. Amidst the current hardship that I am experiencing, I deeply appreciate your understanding and support during this difficult time. I would like to discuss the possibility of reducing my loan payment amount from [current monthly amount] to [requested reduced monthly amount] temporarily for a period of [specify the length — 3 months, 6 months, etc.]. This adjustment would significantly ease my financial burden and enable me to fulfill my financial obligations without further exacerbating my current situation. It is crucial to emphasize that this request is temporary, as I remain committed to fulfilling the original terms of my loan agreement. The temporary reduction would merely serve as a lifeline during this challenging period, allowing me to stabilize my financial situation and ensure prompt future payments. I understand that this request may impact the overall duration of my loan or result in a slight increase in interest charges. However, considering my commitment and responsibility, I am confident that these changes will not impede my ability to eventually repay the loan in full. I have attached a detailed overview of my current financial situation, including supporting documents such as bank statements, pay stubs (if applicable), medical bills, or any documents necessary to verify the nature of my hardship. I kindly request that you review these with utmost confidentiality and understanding. As a loyal customer, I have diligently adhered to the terms of our agreement and maintained a positive payment record throughout our relationship. I humbly request your leniency and understanding in granting this temporary loan payment reduction, allowing me to get back on track while preserving our mutual trust. I kindly urge you to consider my circumstances with empathy and provide your response at your earliest convenience. Should you require any additional documentation or information, please do not hesitate to contact me directly at [Your Contact Information]. You're understanding and support during this challenging time would be immensely appreciated, as it would alleviate my current financial stress and help me evade further hardship. I am hopeful that with your cooperation, I can navigate through these difficulties and emerge on a more secure financial footing. Thank you for your time, attention, and consideration. I am grateful for the opportunity to discuss this matter with you, and I look forward to a positive response. Sincerely, [Your Name] [Your Address] [City, State, Zip Code] [Your Contact Information]
Hawaii Sample Letter for Request to Creditor for Temporary Reduction of Loan Payment Amount
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How to fill out Hawaii Sample Letter For Request To Creditor For Temporary Reduction Of Loan Payment Amount?
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FAQ
A "hardship letter" is a letter that you write to your lender explaining the circumstances of your hardship. The letter should give the lender a clear picture of your current financial situation and explain what led to your financial difficulties. The hardship letter is a normal part of the loss mitigation process.
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.
Some common signs that you are headed for financial distress include:High balances (or balances beyond your credit limit) on credit cards.Using credit to pay for everyday expenses when you aren't able to pay off balances monthly.High debt to income ratio.Utilizing high-interest loans or cash advances to make ends meet.More items...?
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.
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.
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.
