Subject: Urgent Request for Temporary Reduction of Loan Payment Amount Dear [Creditor's Name], I hope this letter finds you well. I am writing to discuss a matter of great importance regarding the loan agreement that I have with your esteemed institution. Due to unforeseen circumstances impacting my financial situation, I kindly request your support in temporarily reducing my loan payment amount. My current loan account number is [Loan Account Number], and I have been a dedicated borrower, never missing a single payment since the inception of this loan. Unfortunately, an unexpected medical emergency / loss of employment / family crisis has negatively affected my ability to meet the monthly loan payment as originally agreed upon. Understanding that I am bound by the terms and conditions of the loan agreement, I would like to propose a mutually beneficial solution for both parties involved. The main purpose of this request is to prevent default and maintain a positive relationship with your esteemed institution while recovering from this difficult situation. During this time of financial hardship, I kindly request a temporary reduction in my loan payment amount for a period of [state the proposed duration]. This reduction will greatly alleviate the additional stress caused by my current circumstances without defaulting on my obligations. To demonstrate my commitment to resolving this matter, I have thoroughly evaluated my budget, and based on my current financial status, I propose a temporary reduction of [state the proposed reduced loan payment amount]. This amount will enable me to meet my essential living expenses and support my family while recovering from the unforeseen difficulties I am facing. I assure you that this request is not intended to avoid my responsibilities, but rather a temporary measure to ensure that my loan remains in good standing. I understand that the total amount of the loan will remain unaffected, and the payment reduction is solely a short-term arrangement. As soon as my financial situation stabilizes, I commit to promptly resuming the original loan payment amount. I would be more than willing to discuss the specifics of this arrangement further and provide any required documentation or financial information that might support my request. I greatly value the relationship I have established with your esteemed institution, and I am confident that we can find a mutually agreeable solution to address this unforeseen circumstance. Your consideration regarding my request is of utmost importance to me, and I sincerely hope we can reach an amicable agreement. Thank you for your prompt attention to this request. I kindly request a written acknowledgement of receipt, outlining the next steps in the process. Should you have any questions or require any additional information, please do not hesitate to contact me at your earliest convenience. I appreciate your understanding and willingness to assist during this challenging time. Your cooperation is highly appreciated, and I look forward to a positive response. Yours sincerely, [Your Name] [Your Contact Information]
Montana Sample Letter for Request to Creditor for Temporary Reduction of Loan Payment Amount
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How to fill out Montana 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.
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.
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
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.
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.
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.
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 (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.
