[Your Name] [Your Address] [City, State, ZIP Code] [Email Address] [Phone Number] [Date] [Recipient's Name] [Recipient's Designation] [Creditor's Name] [Creditor's Address] [City, State, ZIP Code] Subject: Request for Temporary Reduction of Loan Payment Amount Dear [Recipient's Name], I hope this letter finds you well. I am writing to discuss the temporary reduction of the loan payment amount associated with my [type of loan] loan. I have been a loyal customer of [Creditor's Name] for [number of years], and I deeply value our ongoing relationship. As you may be aware, due to unforeseen circumstances, specifically [briefly explain the circumstances such as job loss, medical issues, financial hardship, etc.], I am currently facing significant financial challenges that have severely impacted my ability to meet my monthly loan payment obligations promptly. In light of these circumstances, I kindly request that you consider temporarily reducing the loan payment amount for a period of [specify duration, such as six months]. During this time, I assure you that I will diligently make the revised payments consistently. By doing so, I intend to demonstrate my commitment to honor my obligations and eventually return to the regular payment schedule as per the loan agreement. To support my request, I have included relevant financial documentation that clearly shows my current financial situation. These documents include [list the documents, such as bank statements, income statements, medical bills, redundancy notice, etc.]. I would like to emphasize that my intention is not to evade payment but rather to request temporary relief, enabling me to regain financial stability without defaulting on my loan. I hope that [Creditor's Name] understands and empathizes with my situation and can provide the support I need during this challenging time. Furthermore, I understand that this request for temporary reduction of loan payment amount may require certain adjustments to my loan agreement. Therefore, I request that you provide me with a written response outlining any modifications to the loan agreement, terms, and conditions, if applicable. Please note that I am open to discussing any alternative solutions to address this matter promptly. I sincerely appreciate your prompt attention to this matter and your consideration of my request. I believe that with your assistance, I can overcome this temporary financial burden and resume our previous positive borrower-creditor relationship. Furthermore, I look forward to your favorable response and appreciate your understanding in this matter. Please do not hesitate to reach me at [your phone number] or [your email address] should you require any further information or discuss this matter in more detail. Thank you for your time and consideration. Yours sincerely, [Your Name]
New Mexico Sample Letter for Request to Creditor for Temporary Reduction of Loan Payment Amount
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How to fill out New Mexico 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.
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.
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.
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 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.
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.
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.
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.
