Subject: Temporary Loan Payment Reduction Request — [Your Account Number] Dear [Creditor's Name], I hope this letter finds you well. I am writing to request a temporary reduction in the amount of my monthly loan payment due to unexpected financial difficulties. I am a resident of New Hampshire and have been a loyal customer of [Creditor's Company Name] for [number of years]. Due to recent circumstances, such as [briefly explain the situation, e.g., temporary job loss, medical emergencies, or a sudden decrease in income], I find it challenging to meet my obligations regarding my loan payment. Despite my best efforts, my current financial situation prevents me from fulfilling the full payment amount on time. I immensely value our business relationship and my commitment towards repaying the loan remains unwavering. Thus, it would be greatly appreciated if you could consider temporarily reducing my monthly loan payment to an amount that better aligns with my present financial capabilities. New Hampshire State Laws and Regulations regarding debt repayment stipulate provisions for temporary loan payment modifications during periods of financial hardship. Considering that New Hampshire is a debtor-friendly state, I request your understanding and support in this matter. I assure you that committing to an adjusted payment amount on a temporary basis will allow me to meet my financial obligations, and I will resume regular monthly payments as soon as my circumstances improve. I have examined my current budget and propose, as a starting point for our discussion, a temporary reduction of [suggested reduced payment amount] per month from my existing monthly loan payment. Furthermore, I believe this amount will be more manageable, given my present financial challenges. Please find attached the necessary supporting documents, including [list any supporting documents related to your financial hardship, such as bank statements, layoff notices, medical bills, and income verification]. I kindly request you to review my situation and respond to this letter at your earliest convenience. Together, I am confident we can find a mutually acceptable temporary solution that allows me to fulfill my financial obligations while ensuring a continued positive relationship with [Creditor's Company name]. I am open to discussing any further information or alternative arrangements you may require to assess my eligibility for a temporary reduction in loan payment. Thank you for your kind consideration of my request. I genuinely appreciate your cooperation and understanding during this challenging time. Please feel free to contact me at [your contact number] or [your email address], and I would be more than willing to provide additional information or discuss this matter further. I look forward to your prompt response. Your support would truly alleviate my current financial burden and contribute to securing a stable future for both parties involved. Yours sincerely, [Your Name] [Your Address] [City, State, ZIP] [Account Number]
New Hampshire Sample Letter for Request to Creditor for Temporary Reduction of Loan Payment Amount
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How to fill out New Hampshire Sample Letter For Request To Creditor For Temporary Reduction Of Loan Payment Amount?
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FAQ
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.
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
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.
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.
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.
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.
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.
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.
