West Virginia Sample Letter for Reinstatement of Loan - Compromise of Matter

• Category: Letters - Loans and Lending - Reinstatements
• State: Multi-State
• Control #: US-0744LTR
• Format: Word; Rich Text

Description

This form is a sample letter in Word format covering the subject matter of the title of the form. [Your Name] [Your Address] [City, State, ZIP] [Email Address] [Phone Number] [Date] [Loan Service Name] [Loan Service Address] [City, State, ZIP] Subject: Request for Reinstatement of Loan — Compromise of Matter Dear [LoaServiceer's Name], I am writing to request the reinstatement of my loan, [Loan Account Number], as a result of unforeseen circumstances that have impacted my financial situation. I am currently a resident of [West Virginia], and I have always maintained a good payment record on my loan until recent months. Due to the [compromise of matter], which refers to the situation/event that led to the financial setback (e.g., job loss, medical emergency, natural disaster, etc.), I have encountered significant financial hardships that prevented me from meeting my loan obligations in a timely manner. However, I firmly believe that this setback is temporary, and with the necessary assistance, I will be able to regain financial stability. I am committed to resolving this matter and fulfilling my loan obligations. Therefore, I kindly request your understanding and assistance in reaching a suitable arrangement that allows for the reinstatement of my loan. I propose the following compromise terms that I believe will enable me to gradually catch up with my overdue payments: 1. Loan Repayment Schedule: I request to create a revised repayment plan that spreads the overdue payments over an extended period, ensuring that the monthly installments are affordable and feasible. This will provide me with the opportunity to bring my loan account up to date without causing further financial strain. 2. Interest Rate Adjustment: Given the extenuating circumstances I am facing, I kindly request a temporary reduction in the interest rate or the application of a fixed interest rate during the repayment period. This adjustment will greatly assist me in managing my finances more effectively and ensuring timely repayments. 3. Waiver of Late Fees: As a gesture of goodwill and to facilitate the repayment process, I respectfully request the waiver of any late fees or penalties that have been incurred as a result of my inability to make timely payments. This will help alleviate the financial burden and allow me to focus solely on achieving loan reinstatement. I assure you that I am fully committed to the successful resolution of this matter and intend to honor any revised agreement we may reach. I am dedicated to rebuilding my financial stability and restoring my payment record. Kindly consider my request and provide me with the necessary steps to proceed with the reinstatement process. Enclosed you will find the required supporting documents, including proof of the aforementioned compromise of matter, financial statements, and any other relevant information that can assist in assessing my situation. If there is any additional paperwork or information you require, please let me know, and I will promptly provide it. I would appreciate a prompt response to this reinstatement request, as I am eager to rectify the situation and move forward positively. Thank you for your attention to this matter, and I look forward to your favorable response. Yours sincerely, [Your Name]

[Your Name] [Your Address] [City, State, ZIP] [Email Address] [Phone Number] [Date] [Loan Service Name] [Loan Service Address] [City, State, ZIP] Subject: Request for Reinstatement of Loan — Compromise of Matter Dear [LoaServiceer's Name], I am writing to request the reinstatement of my loan, [Loan Account Number], as a result of unforeseen circumstances that have impacted my financial situation. I am currently a resident of [West Virginia], and I have always maintained a good payment record on my loan until recent months. Due to the [compromise of matter], which refers to the situation/event that led to the financial setback (e.g., job loss, medical emergency, natural disaster, etc.), I have encountered significant financial hardships that prevented me from meeting my loan obligations in a timely manner. However, I firmly believe that this setback is temporary, and with the necessary assistance, I will be able to regain financial stability. I am committed to resolving this matter and fulfilling my loan obligations. Therefore, I kindly request your understanding and assistance in reaching a suitable arrangement that allows for the reinstatement of my loan. I propose the following compromise terms that I believe will enable me to gradually catch up with my overdue payments: 1. Loan Repayment Schedule: I request to create a revised repayment plan that spreads the overdue payments over an extended period, ensuring that the monthly installments are affordable and feasible. This will provide me with the opportunity to bring my loan account up to date without causing further financial strain. 2. Interest Rate Adjustment: Given the extenuating circumstances I am facing, I kindly request a temporary reduction in the interest rate or the application of a fixed interest rate during the repayment period. This adjustment will greatly assist me in managing my finances more effectively and ensuring timely repayments. 3. Waiver of Late Fees: As a gesture of goodwill and to facilitate the repayment process, I respectfully request the waiver of any late fees or penalties that have been incurred as a result of my inability to make timely payments. This will help alleviate the financial burden and allow me to focus solely on achieving loan reinstatement. I assure you that I am fully committed to the successful resolution of this matter and intend to honor any revised agreement we may reach. I am dedicated to rebuilding my financial stability and restoring my payment record. Kindly consider my request and provide me with the necessary steps to proceed with the reinstatement process. Enclosed you will find the required supporting documents, including proof of the aforementioned compromise of matter, financial statements, and any other relevant information that can assist in assessing my situation. If there is any additional paperwork or information you require, please let me know, and I will promptly provide it. I would appreciate a prompt response to this reinstatement request, as I am eager to rectify the situation and move forward positively. Thank you for your attention to this matter, and I look forward to your favorable response. Yours sincerely, [Your Name]