#SAMPLE LETTER FOR HARDSHIP CREDIT DEBT FULL#

For the moment, I will be not be able to pay more than $175. There has been a marked decrease in my income over the last couple of months and the rate of interest being charged on my account is quite high. However, my current financial situation, due to some unforeseen reasons has left me with no choice but to make less than a minimum monthly payment.

I am writing you this letter to request that my current outstanding bill is $5500 and I have to pay a monthly installment of $450. Close the letter with a hope that your case will be considered with benevolence. In the third paragraph, make a humble request that you be provided time and also show your appreciation for the company for the service that it has been providing to you. Do mention the amount of time you have had a relationship with the given financial institution and remind them of your previous timely payments. In the next paragraph, make a request for a concession in your case and ask them to provide you with a specific amount of time where you will either pay the bill in parts, less than the minimum required payment or will not be able to pay anything what so ever.

#SAMPLE LETTER FOR HARDSHIP CREDIT DEBT FULL#

In the first paragraph, explain your current situation and the reason why you are unable to settle your monthly installment in full or even in part. Also talk to them about not reporting late payments to credit bureau if you are having issues with making the payment on time. If you are one of such person, it is in your best interest to write a letter to the financial institution that is offering you the credit services and discuss with them the possibility of a lower monthly payment plan and a lower APR. Similarly, people are finding it hard to pay their monthly credit card bills. Many people are unable to pay their debts on time. You may also consider checking with your lender/creditor, in case they have a different protocol to follow.In the current financial times, it is quite a normal issue to face financial trouble. Sending your letter via priority mail can help you track that it has been delivered successfully. It can document your financial situation and help you make the case for deferred or otherwise discounted payments. Making a Hardship Letter can help you start the process of getting relief from your creditors or lenders.

You want to request a loan modification to alter your mortgage payment terms.

You recently loss your job or are working reduced hours and cannot make your usual payments.

You are experiencing financial difficulties and want assistance in paying your bills.

If you have questions about personal finances during the COVID-19 pandemic, ask a lawyer or find more resources in our Coronavirus (COVID-19) Legal Center. This letter should thoroughly explain your situation and your proposed solution for making payments. Some common reasons for writing a Hardship Letter include injury, loss of job, economic downturn, an illness to you or a family member, etc. A typical Hardship Letter outlines your situation before the hardship occurred, and then describes your current financial situation and why you are unable to meet the payments due. A Hardship Letter is written to your landlord, creditor, or loan provider to request financial assistance if you are going through a difficult time financially.

Sample letter for hardship credit debt