Dear [Creditor's Name], I hope this letter finds you well. I am writing to discuss the possibility of temporarily reducing the loan payment amount for my current loan with [Creditor's Company]. Due to unexpected financial hardships resulting from [explain the circumstances, such as job loss, medical expenses, etc.], I find myself struggling to meet the original loan payment amount. In light of this, I kindly request your understanding and consideration in providing me temporary relief by reducing the loan payment amount for a certain period. I have been a loyal and responsible borrower with your institution for [mention the duration or number of years]. Throughout this period, I have diligently made timely payments without any defaults or delays. However, the recent unforeseen circumstances have significantly affected my ability to meet the original loan payment amount. Considering the current challenging economic situation and the hardships many individuals are facing, I humbly ask for your assistance by offering me a temporary reduction of loan payment amount. This reduction would greatly alleviate my financial burden during this difficult period, enabling me to meet my other essential expenses, such as housing, utilities, and medical bills. I assure you that this request is not an attempt to evade my financial obligations or be relieved from debt permanently. I am committed to honoring the loan agreement as soon as my financial situation improves. Furthermore, I am confident that the reduction requested will be temporary and will be in effect until [mention a specific time frame or until my financial situation improves]. Furthermore, I kindly request your prompt attention to this matter as it is critical for my financial stability. In support of my request, I have attached relevant financial documents that demonstrate the current hardship I am facing. These include [list the documents, such as pay stubs, medical bills, termination letter, etc.]. I would be more than willing to discuss this matter further in person or over the phone, should you require any additional information or clarification. I value the relationship I have with [Creditor's Company], and I am hopeful that you will consider my request with compassion and understanding. Thank you for taking the time to review my situation. I trust you will make a fair assessment based on the circumstances and provide a temporary reduction of loan payment amount. Your support during this challenging phase will be greatly appreciated. Sincerely, [Your Name] [Your Contact Information]
Louisiana Sample Letter for Request to Creditor for Temporary Reduction of Loan Payment Amount
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How to fill out Louisiana Sample Letter For Request To Creditor For Temporary Reduction Of Loan Payment Amount?
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FAQ
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.
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.
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.
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.
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.
How to Write an Effective Hardship LetterPart 1: Explain what happened and why you are applying.Part 2: Specifically illustrate the time and severity of the hardship.Part 3: Back up the reasons traditional remedies won't work.Part 4: Detail why you are stable enough to succeed with a modification.More items...?
This may be a loss of a job or reduced income, a serious illness, costly medical bills, a balloon payment due on your mortgage, a divorce or excessive debt are all examples.
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.
