Oregon 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 Code] [Email Address] [Phone Number] [Date] [Creditor Name] [Creditor Address] [City, State, Zip Code] Subject: Request for Temporary Reduction of Loan Payment Amount Dear [Creditor Name], I am writing this letter to request a temporary reduction in the monthly payment amount for my loan with [Creditor Name]. Due to unforeseen financial difficulties, I am currently facing significant challenges in meeting my financial obligations. The purpose of this request is to seek your kind understanding and consideration during this difficult time. As a responsible borrower, I have been consistent in meeting my loan obligations. However, I have encountered unexpected circumstances that have negatively impacted my financial situation. [Briefly explain the circumstances — e.g., loss of employment, medical emergencies, or any other relevant events that have contributed to your current financial strain]. These circumstances have resulted in a severe decrease in my income, making it extremely difficult for me to maintain my current loan payment without causing further financial hardship. In consideration of my previous punctual payments, I would like to propose a temporary reduction in my monthly loan payment for a period of [mention the desired duration, e.g., 6 months]. By decreasing my monthly payment, I will be able to manage my finances effectively and ultimately honor my obligations to you without falling further into debt. I assure you that this is not a request for loan forgiveness or a permanent alteration to the original terms of the loan agreement. I fully understand that the terms and conditions of the loan contract will remain unchanged, and I will resume regular payments as soon as my financial situation improves. To provide you with a better understanding of my current financial standing, I have enclosed the following documents: 1. Current bank statements for the past three months. 2. Pay stubs or proof of income for the last three months. 3. Proof of the unforeseen circumstances (e.g., termination letter, medical bills). I am more than willing to work with your organization to explore any alternative solutions that may be available. If a temporary reduction is unfeasible, I would greatly appreciate your guidance regarding any other options or programs that I may be eligible for, which could help alleviate my financial burden. I genuinely value the relationship I have established with [Creditor Name] and wish to maintain a positive financial standing. I kindly request that you review my situation and respond to this letter as soon as possible. Despite my financial challenges, I firmly believe that by working together, we can find a temporary solution that will benefit both parties involved. Thank you for your prompt attention to this matter. I look forward to your favorable response. Sincerely, [Your Name]

[Your Name] [Your Address] [City, State, Zip Code] [Email Address] [Phone Number] [Date] [Creditor Name] [Creditor Address] [City, State, Zip Code] Subject: Request for Temporary Reduction of Loan Payment Amount Dear [Creditor Name], I am writing this letter to request a temporary reduction in the monthly payment amount for my loan with [Creditor Name]. Due to unforeseen financial difficulties, I am currently facing significant challenges in meeting my financial obligations. The purpose of this request is to seek your kind understanding and consideration during this difficult time. As a responsible borrower, I have been consistent in meeting my loan obligations. However, I have encountered unexpected circumstances that have negatively impacted my financial situation. [Briefly explain the circumstances — e.g., loss of employment, medical emergencies, or any other relevant events that have contributed to your current financial strain]. These circumstances have resulted in a severe decrease in my income, making it extremely difficult for me to maintain my current loan payment without causing further financial hardship. In consideration of my previous punctual payments, I would like to propose a temporary reduction in my monthly loan payment for a period of [mention the desired duration, e.g., 6 months]. By decreasing my monthly payment, I will be able to manage my finances effectively and ultimately honor my obligations to you without falling further into debt. I assure you that this is not a request for loan forgiveness or a permanent alteration to the original terms of the loan agreement. I fully understand that the terms and conditions of the loan contract will remain unchanged, and I will resume regular payments as soon as my financial situation improves. To provide you with a better understanding of my current financial standing, I have enclosed the following documents: 1. Current bank statements for the past three months. 2. Pay stubs or proof of income for the last three months. 3. Proof of the unforeseen circumstances (e.g., termination letter, medical bills). I am more than willing to work with your organization to explore any alternative solutions that may be available. If a temporary reduction is unfeasible, I would greatly appreciate your guidance regarding any other options or programs that I may be eligible for, which could help alleviate my financial burden. I genuinely value the relationship I have established with [Creditor Name] and wish to maintain a positive financial standing. I kindly request that you review my situation and respond to this letter as soon as possible. Despite my financial challenges, I firmly believe that by working together, we can find a temporary solution that will benefit both parties involved. Thank you for your prompt attention to this matter. I look forward to your favorable response. Sincerely, [Your Name]