Subject: Urgent Request for Temporary Reduction of Loan Payment Amount — Vermont Sample Letter Dear [Creditor's Name], I hope this letter finds you in good health. I am writing to you in light of unforeseen financial difficulties that I am currently facing due to [briefly explain the reason such as job loss, medical emergency, or unexpected expenses]. As a responsible borrower, I am seeking your understanding and cooperation by requesting a temporary reduction in my loan payment amount. I have been a loyal customer of your esteemed financial institution and have always maintained a good credit history. However, the recent challenges have put a significant strain on my monthly budget, leaving me unable to meet my loan obligations as previously agreed upon. Although I understand the importance of honoring my financial commitments, the circumstances have made it increasingly difficult. Considering the financial constraints I am currently facing, I kindly request your immediate assistance in temporarily modifying the loan payment terms. Specifically, I humbly propose the following options for your review and consideration: 1. Payment Amount Reduction: A temporary reduction in my monthly loan payment amount for a period of [state a specific time frame, such as 3-6 months] would greatly alleviate the financial burden I am currently experiencing. I propose a new reduced payment amount of [insert proposed reduced payment amount], which I believe is more manageable given my current situation. 2. Extension of Loan Term: Alternatively, if a reduction in payment amount alone is not possible, I respectfully request an extension of the loan term. By extending the loan term by [mention the desired extension period], I will be able to distribute the financial strain over a longer period, thus ensuring regular payments while managing my financial stability. 3. Interest-Only Payments: Considering my ongoing financial challenges, I propose the option of making interest-only payments on my loan for a temporary period. This arrangement would significantly reduce my monthly financial burden while ensuring that I continue to fulfill my obligations towards the outstanding loan. Please understand that my financial hardship is only temporary, and I am committed to resuming my regular loan payments once my situation improves. I request your understanding, empathy, and support during this challenging phase of my life. To provide further verification and assist in assessing my situation, I have attached relevant documentation, such as bank statements, medical bills, or termination letter if applicable. I hope these documents help in understanding the gravity of my current financial predicament. I sincerely hope that you will consider my request in a compassionate and understanding manner. Your temporary assistance will significantly provide me with the breathing space needed to regain my financial stability and continue our mutually beneficial relationship. Please let me know at your earliest convenience about the feasibility of my proposal. I am more than willing to discuss this matter further and provide any additional information you may require. You can reach me at [your contact number] or via email at [your email address]. Thank you for your time and attention to this urgent matter. I look forward to your prompt response and hope for a favorable resolution that allows me to overcome this temporary financial setback. Yours faithfully, [Your Name] [Your Address] [City, State, Zip Code] [Loan Account Number]
Vermont Sample Letter for Request to Creditor for Temporary Reduction of Loan Payment Amount
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How to fill out Vermont Sample Letter For Request To Creditor For Temporary Reduction Of Loan Payment Amount?
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