Delaware 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 [Your Name] [Your Address] [City, State, ZIP] [Email Address] [Phone Number] [Date] [Creditor's Name] [Loan Company] [Address] [City, State, ZIP] Subject: Request for Temporary Reduction of Loan Payment Amount Dear [Creditor's Name], I hope this letter finds you in good health and high spirits. I am writing to discuss my current financial situation and request a temporary reduction in my monthly loan payment amount. I am a responsible borrower and have always made timely payments; however, due to unexpected circumstances, I am facing significant financial hardship at the moment. In light of the COVID-19 pandemic and its detrimental effect on the global economy, I have experienced a substantial decrease in income. [Explain the specific reasons for financial strain, such as loss of a job, reduction in working hours, medical issues, etc.] These unforeseen circumstances have put an overwhelming burden on my ability to meet my financial obligations, including my loan repayments. I truly value the relationship we have built over the years and I believe that maintaining open and transparent communication is vital during challenging times like these. I kindly request your understanding and assistance in reducing my loan payment temporarily. By reducing my monthly payment, it will provide some relief and allow me to get back on track with my finances without compromising my commitment to repay the loan in full. To demonstrate my dedication to fulfilling this loan obligation, I have enclosed a copy of my updated financial statement, which highlights my current income, expenses, and obligations. As a responsible borrower, I have evaluated my budget thoroughly and made every possible adjustment to manage my expenses efficiently. However, based on my current circumstances, I am unable to meet the original loan terms as agreed. Considering the aforementioned circumstances, I humbly propose a temporary reduction in my monthly loan payment amount from [original amount] to [proposed reduced amount]. This reduced payment will be feasible for me to manage until I can stabilize my financial situation. I want to assure you that this is a temporary request and that I fully intend to resume the regular payment schedule once my financial situation improves. It is my utmost priority to honor my obligation to you while maintaining honesty and integrity throughout this process. I kindly request that you review my situation and provide me with written confirmation of your approval for the temporary reduction in loan payment. If there are any additional documents or details required from my end, please let me know, and I will promptly provide them. I appreciate your understanding and support during these unprecedented times. Your timely assistance will be greatly appreciated and will enable me to navigate this challenging period with more stability. Thank you for your attention to this matter. I would appreciate your prompt response. Feel free to contact me at [phone number] or [email address] if you require any further information or need to discuss this matter in detail. Yours sincerely, [Your Name]

[Your Name] [Your Address] [City, State, ZIP] [Email Address] [Phone Number] [Date] [Creditor's Name] [Loan Company] [Address] [City, State, ZIP] Subject: Request for Temporary Reduction of Loan Payment Amount Dear [Creditor's Name], I hope this letter finds you in good health and high spirits. I am writing to discuss my current financial situation and request a temporary reduction in my monthly loan payment amount. I am a responsible borrower and have always made timely payments; however, due to unexpected circumstances, I am facing significant financial hardship at the moment. In light of the COVID-19 pandemic and its detrimental effect on the global economy, I have experienced a substantial decrease in income. [Explain the specific reasons for financial strain, such as loss of a job, reduction in working hours, medical issues, etc.] These unforeseen circumstances have put an overwhelming burden on my ability to meet my financial obligations, including my loan repayments. I truly value the relationship we have built over the years and I believe that maintaining open and transparent communication is vital during challenging times like these. I kindly request your understanding and assistance in reducing my loan payment temporarily. By reducing my monthly payment, it will provide some relief and allow me to get back on track with my finances without compromising my commitment to repay the loan in full. To demonstrate my dedication to fulfilling this loan obligation, I have enclosed a copy of my updated financial statement, which highlights my current income, expenses, and obligations. As a responsible borrower, I have evaluated my budget thoroughly and made every possible adjustment to manage my expenses efficiently. However, based on my current circumstances, I am unable to meet the original loan terms as agreed. Considering the aforementioned circumstances, I humbly propose a temporary reduction in my monthly loan payment amount from [original amount] to [proposed reduced amount]. This reduced payment will be feasible for me to manage until I can stabilize my financial situation. I want to assure you that this is a temporary request and that I fully intend to resume the regular payment schedule once my financial situation improves. It is my utmost priority to honor my obligation to you while maintaining honesty and integrity throughout this process. I kindly request that you review my situation and provide me with written confirmation of your approval for the temporary reduction in loan payment. If there are any additional documents or details required from my end, please let me know, and I will promptly provide them. I appreciate your understanding and support during these unprecedented times. Your timely assistance will be greatly appreciated and will enable me to navigate this challenging period with more stability. Thank you for your attention to this matter. I would appreciate your prompt response. Feel free to contact me at [phone number] or [email address] if you require any further information or need to discuss this matter in detail. Yours sincerely, [Your Name]