[Your Name] [Your Address] [City, State, Zip Code] [Email Address] [Phone Number] [Date] [Loan Creditor's Name] [Loan Creditor's Address] [City, State, Zip Code] Subject: Request for Temporary Reduction of Loan Payment Amount Dear [Loan Creditor's Name], I hope this letter finds you in good health and high spirits. I am writing to you as a responsible borrower who is currently facing financial challenges due to unforeseen circumstances. It is my sincere intention to fulfill my loan obligations to the best of my abilities. However, my current financial situation requires me to seek temporary relief in the form of a reduction in the monthly loan payment amount. I am a resident of West Virginia and have been working tirelessly to support my family and meet all financial obligations on time. Unfortunately, the current economic downturn caused by the COVID-19 pandemic has adversely affected my income and stability. I have experienced a significant reduction in pay, and as a result, it has become increasingly difficult for me to meet my loan payment in its current form. As a responsible borrower, I believe in maintaining open lines of communication with my creditors. With that in mind, I kindly request your understanding and cooperation in temporarily reducing my monthly loan payment amount until I am able to regain my financial footing. This temporary reduction would provide much-needed financial relief during this challenging time and allow me to stabilize my circumstances while continuing to honor my commitment to repay the loan. I have carefully assessed my financial situation and propose a temporary reduction in the monthly payment amount from [EX] to [BY] for a period of [Z] months. This reduction would significantly ease my financial burden and enable me to manage my other essential expenses effectively. I want to assure you that this request is reasonable and well-thought-out, considering my current income and expenses. By granting this temporary reduction, you would not only be supporting me during this difficult period but also ensuring the overall repayment of the loan in the long run. I am committed to maintaining regular communication with you and providing any necessary documentation to support my current financial status. It is my utmost priority to resolve this temporary hardship and resume normal loan payments as soon as my financial situation improves. I kindly request your prompt consideration of this request and ask for your response within [X] days. I believe that by working together, we can find an agreeable solution that benefits both parties involved. Thank you for your understanding, cooperation, and compassion during these challenging times. I look forward to your positive response and appreciate your willingness to assist me in overcoming this temporary financial setback. Yours sincerely, [Your Name]
West Virginia Sample Letter for Request to Creditor for Temporary Reduction of Loan Payment Amount
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How to fill out Sample Letter For Request To Creditor For Temporary Reduction Of Loan Payment Amount?
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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 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.
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.
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
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.
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.
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.
Before you write a request letter, one should know to whom the letter is addressed....Here is the simple format of the request letter:Date.Recipient Name, designation and address.Subject.Salutation (Dear Sir/Mam, Mr./Mrs./Ms.)Body of the letter.Gratitude.Closing the letter (Your's Sincerely)Your Name and Signature.
