Guam Letter to Creditor Confirming Agreement that Monthly Payments be Temporarily Postponed

• Category: Letters - Loans and Lending
• State: Multi-State
• Control #: US-1115BG
• Format: Word; Rich Text

Description

Section 368(A)(1) of the Internal Revenue Code of 1986 outlines a format for tax treatment to reorganizations, as described in the Internal Revenue Code of 1986. These reorganization transactions, however, have to meet certain legal requirements to classify for favorable treatment. Additionally, there has been further precedent outside from the codified requirements that have developed in case law. A Type A reorganization allows the buyer to use either voting stock or nonvoting stock, common stock or preferred stock, or even other securities. A Type A reorganization must fulfill the continuity of interests requirement. That is, the shareholders in the acquired company must receive enough stock in the acquiring firm that they have a continuing financial interest in the buyer. Title: Guam Letter to Creditor Confirming Agreement to Temporarily Postpone Monthly Payments Introduction: [Your Name] [Your Address] [City, State, Zip Code] [Email Address] [Phone Number] [Date] [Creditor's Name] [Creditor's Address] [City, State, Zip Code] Subject: Confirmation of Agreement to Temporarily Postpone Monthly Payments Dear [Creditor's Name], I hope this letter finds you well. I am writing to formally confirm our agreement regarding the temporary postponement of my monthly payments for [specific loan/credit/contract] that I hold with your esteemed institution. Given the current challenging circumstances, I kindly request your understanding and cooperation in assisting me during this difficult time. Background and Reason: As you may be aware, the ongoing [COVID-19 pandemic/financial hardship/unforeseen circumstances] has significantly impacted my financial stability and ability to make timely payments towards my obligations. Under these circumstances, I am compelled to seek temporary relief to ensure the sustainability of my financial situation. Hence, I am reaching out to you to formalize our agreed-upon payment suspension. Agreement Details: — Account Details: [loan/credit/contract] account number, starting balance, current outstanding balance, and any other relevant information. — Payment Suspension Start Date: Effective from [date], I request the postponement of my monthly payment obligations until further notice. — Suspension Period: Initially, I would appreciate if you could offer a [specific number of months] deferment period. However, I understand that this may vary based on your institution's policies and discretion. — Resuming Monthly Payments: After the deferment period, I commit to resuming my regular monthly payments as per the original agreement terms unless an alternative repayment plan is mutually agreed upon. Conditions of Agreement: 1. No Additional Charges: I kindly request that no additional interest, late fee, or other penalty charges be applied during the agreed payment suspension period. 2. Reporting to Credit Bureaus: I request that during the deferment period, you refrain from reporting any late payments or negative information to the credit bureaus, as this could adversely affect my credit score. 3. Communication Preferences: Should you require any further documentation or information, please reach out to me via [email/phone] using the contact details provided above. Alternative Repayment Options (if applicable): If deferring the payments entirely is not feasible for your institution, I request that you consider exploring alternative arrangements, such as: — Reducing monthly payments temporarily to an affordable amount — Extending the tenure of the loan/contract to spread out the payments — Offering a temporary interest-only payment plan Conclusion: I appreciate your understanding and flexibility during these challenging times. By agreeing to this temporary payment postponement, we can work mutually towards overcoming our current difficulties. Your cooperation and support would be invaluable to help me regain my financial stability. Please consider this letter as my formal request for the temporary suspension of my monthly payments as outlined above. Kindly provide written confirmation of our agreement and any further instructions or documents required to proceed with this arrangement. Thank you for your attention to this matter. I look forward to your prompt response. Yours sincerely, [Your Full Name]

Title: Guam Letter to Creditor Confirming Agreement to Temporarily Postpone Monthly Payments Introduction: [Your Name] [Your Address] [City, State, Zip Code] [Email Address] [Phone Number] [Date] [Creditor's Name] [Creditor's Address] [City, State, Zip Code] Subject: Confirmation of Agreement to Temporarily Postpone Monthly Payments Dear [Creditor's Name], I hope this letter finds you well. I am writing to formally confirm our agreement regarding the temporary postponement of my monthly payments for [specific loan/credit/contract] that I hold with your esteemed institution. Given the current challenging circumstances, I kindly request your understanding and cooperation in assisting me during this difficult time. Background and Reason: As you may be aware, the ongoing [COVID-19 pandemic/financial hardship/unforeseen circumstances] has significantly impacted my financial stability and ability to make timely payments towards my obligations. Under these circumstances, I am compelled to seek temporary relief to ensure the sustainability of my financial situation. Hence, I am reaching out to you to formalize our agreed-upon payment suspension. Agreement Details: — Account Details: [loan/credit/contract] account number, starting balance, current outstanding balance, and any other relevant information. — Payment Suspension Start Date: Effective from [date], I request the postponement of my monthly payment obligations until further notice. — Suspension Period: Initially, I would appreciate if you could offer a [specific number of months] deferment period. However, I understand that this may vary based on your institution's policies and discretion. — Resuming Monthly Payments: After the deferment period, I commit to resuming my regular monthly payments as per the original agreement terms unless an alternative repayment plan is mutually agreed upon. Conditions of Agreement: 1. No Additional Charges: I kindly request that no additional interest, late fee, or other penalty charges be applied during the agreed payment suspension period. 2. Reporting to Credit Bureaus: I request that during the deferment period, you refrain from reporting any late payments or negative information to the credit bureaus, as this could adversely affect my credit score. 3. Communication Preferences: Should you require any further documentation or information, please reach out to me via [email/phone] using the contact details provided above. Alternative Repayment Options (if applicable): If deferring the payments entirely is not feasible for your institution, I request that you consider exploring alternative arrangements, such as: — Reducing monthly payments temporarily to an affordable amount — Extending the tenure of the loan/contract to spread out the payments — Offering a temporary interest-only payment plan Conclusion: I appreciate your understanding and flexibility during these challenging times. By agreeing to this temporary payment postponement, we can work mutually towards overcoming our current difficulties. Your cooperation and support would be invaluable to help me regain my financial stability. Please consider this letter as my formal request for the temporary suspension of my monthly payments as outlined above. Kindly provide written confirmation of our agreement and any further instructions or documents required to proceed with this arrangement. Thank you for your attention to this matter. I look forward to your prompt response. Yours sincerely, [Your Full Name]