Alaska Sample Letter for Request to Creditor for Temporary Reduction of Loan Payment Amount

• Category: Letters - Loans and Lending - Payment Reductions
• State: Multi-State
• Control #: US-0277LR
• Format: Word; Rich Text

Description

Sample Letter for Request to Creditor for Temporary Reduction of Loan Payment Amount Dear [Creditor's Name], I hope this letter finds you well. I am writing to you as a responsible borrower who is facing temporary financial hardship due to [briefly explain the reason, such as unforeseen medical expenses or loss of employment]. I have always been diligently repaying my loan on time, but the current circumstances are making it extremely challenging for me to meet my regular monthly payment obligations. Given my dedication to fulfilling my financial responsibilities, I kindly request your understanding and support during this difficult time. I am seeking temporary relief in the form of a reduction in the loan payment amount for a specified period. This temporary reduction will ensure that I can continue to make regular payments without further worsening my financial situation. I acknowledge that this request might affect the overall length of my repayment term, but it provides me the needed breathing space to regain financial stability. I would like to propose the following alternatives for consideration: 1. Reduced Monthly Payments: Requesting a temporary reduction in my monthly loan payment amount, specifically from [current payment amount] to [proposed reduced payment amount], or any other amount that you deem appropriate based on my financial capacity until [mention the approximate duration until which you anticipate needing the reduction]. 2. Deferred Payments: Pleading for a temporary suspension of loan payments, allowing me to put payments on hold until I am in a better financial position. However, kindly note that I would need your guidance on how the deferred payments will be addressed later (e.g., added to the end of the loan term). I assure you that this request for temporary relief is not taken lightly, and I am committed to working towards a long-term resolution that ensures full repayment of the loan. I understand that any adjustments to the loan agreement are subject to your approval, and I am willing to provide any additional documentation or financial information necessary to support my request. Furthermore, I kindly request that you review my situation with consideration for the hardship I am facing and provide a written response outlining your decision. If approved, I will abide by the new terms and make the revised payments promptly in accordance with the agreed-upon schedule. I express my gratitude for your attention to this matter and for your continued support. I value our business relationship and believe that together, we can navigate through this temporary financial setback. Thank you for your understanding and for considering my request. Sincerely, [Your Name] [Your Contact Information]

Dear [Creditor's Name], I hope this letter finds you well. I am writing to you as a responsible borrower who is facing temporary financial hardship due to [briefly explain the reason, such as unforeseen medical expenses or loss of employment]. I have always been diligently repaying my loan on time, but the current circumstances are making it extremely challenging for me to meet my regular monthly payment obligations. Given my dedication to fulfilling my financial responsibilities, I kindly request your understanding and support during this difficult time. I am seeking temporary relief in the form of a reduction in the loan payment amount for a specified period. This temporary reduction will ensure that I can continue to make regular payments without further worsening my financial situation. I acknowledge that this request might affect the overall length of my repayment term, but it provides me the needed breathing space to regain financial stability. I would like to propose the following alternatives for consideration: 1. Reduced Monthly Payments: Requesting a temporary reduction in my monthly loan payment amount, specifically from [current payment amount] to [proposed reduced payment amount], or any other amount that you deem appropriate based on my financial capacity until [mention the approximate duration until which you anticipate needing the reduction]. 2. Deferred Payments: Pleading for a temporary suspension of loan payments, allowing me to put payments on hold until I am in a better financial position. However, kindly note that I would need your guidance on how the deferred payments will be addressed later (e.g., added to the end of the loan term). I assure you that this request for temporary relief is not taken lightly, and I am committed to working towards a long-term resolution that ensures full repayment of the loan. I understand that any adjustments to the loan agreement are subject to your approval, and I am willing to provide any additional documentation or financial information necessary to support my request. Furthermore, I kindly request that you review my situation with consideration for the hardship I am facing and provide a written response outlining your decision. If approved, I will abide by the new terms and make the revised payments promptly in accordance with the agreed-upon schedule. I express my gratitude for your attention to this matter and for your continued support. I value our business relationship and believe that together, we can navigate through this temporary financial setback. Thank you for your understanding and for considering my request. Sincerely, [Your Name] [Your Contact Information]