[Your Name] [Your Address] [City, State, ZIP] [Email Address] [Phone Number] [Date] [Creditors Name] [Creditors Address] [City, State, ZIP] Subject: Request for Temporary Reduction of Loan Payment Amount Dear [Creditors Name], I hope this letter finds you well. I am writing to discuss my current financial situation and request you're understanding and assistance in temporarily reducing the monthly payment amount for my loan. I am a resident of Wisconsin and have been facing unexpected financial difficulties due to [mention the reasons such as a temporary reduction in income, loss of employment, medical emergency, etc.]. These circumstances have significantly impacted my ability to meet my financial obligations, including the monthly payments toward my loan. I am committed to fulfilling my financial responsibilities and seeking a solution that will prevent my loan from going into delinquency. Therefore, I am humbly requesting your cooperation in providing temporary relief by reducing my monthly loan payment for a period of [mention the specific timeframe you require, e.g., six months]. I have closely examined my budget and believe that a temporary reduction in the monthly payment amount will be more manageable for me during this challenging period. It will help alleviate my financial stress and allow me to prioritize other essential expenses, such as housing, healthcare, and basic needs, all while ensuring I can make consistent and timely payments toward my loan. I would like to propose a temporary reduction in my monthly loan payment from the current amount of [mention your current payment amount] to [mention the reduced payment amount that you can comfortably afford]. I assure you that this is a realistic and sustainable arrangement until my financial situation improves. Please note that I am solely requesting a temporary reduction and not loan forgiveness or any waiver of my original loan terms. Once my financial situation stabilizes, I will resume making regular payments as agreed upon in the original loan agreement. I kindly request you to review my circumstances and consider my temporary reduction request favorably. I am prepared to provide any necessary documentation to support my current financial situation, such as bank statements, proof of income, or medical bills. Furthermore, I value our business relationship, and I want to assure you that this temporary reduction is my sincere effort to honor my obligations while dealing with these unforeseen difficulties. Furthermore, I am committed to maintaining open communication throughout this period and will promptly notify you of any changes in my financial situation. Please inform me at your earliest convenience about the status of my request. I can be reached at [provide your contact information] or via email [provide your email address]. You're understanding and support during this challenging time will be greatly appreciated. Thank you for your attention to this matter. Sincerely, [Your Name]
Wisconsin Sample Letter for Request to Creditor for Temporary Reduction of Loan Payment Amount
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How to fill out Wisconsin 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.
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.
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.
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.
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.
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.
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.
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.
