Pima Arizona Sample Letter for Request to Creditor for Temporary Reduction of Loan Payment Amount

• Category: Letters - Loans and Lending - Payment Reductions
• State: Multi-State
• County: Pima
• Control #: US-0277LR
• Format: Word; Rich Text

Description

Sample Letter for Request to Creditor for Temporary Reduction of Loan Payment Amount Subject: Urgent Request for Temporary Reduction of Loan Payment Amount [Your Name] [Your Address] [City, State, Zip Code] [Email Address] [Phone Number] [Date] [Recipient's Name] [Recipient's Designation] [Creditor's Name] [Address] [City, State, Zip Code] Dear [Recipient's Name], I hope this letter finds you in good health. I am writing to discuss an urgent matter regarding my loan repayment with [Creditor's Name], and I kindly request your attention and assistance in this challenging time. I am currently a resident of Lima, Arizona, and since the outbreak of the COVID-19 pandemic, my financial circumstances have drastically changed. Due to the ensuing economic downturn and various unforeseen events, my income has significantly decreased, making it extremely difficult to manage my loan obligations as agreed upon initially. I have been a reliable borrower since the inception of this loan, and I am committed to fulfilling my financial responsibilities. However, given the present circumstances, I am finding it increasingly challenging to meet the current monthly payment amount. Considering the uncertainty surrounding our global economy, I am kindly requesting a temporary reduction in the loan payment amount for a period of [specify the desired duration]. I believe that a reduction in the monthly payment will considerably alleviate my financial burden, thereby ensuring my ability to maintain regularity in loan repayments. I understand that a temporary reduction in the payment amount may impact the overall loan duration and interest accrual, but I assure you it is my utmost intention to resume regular payments as soon as my financial situation allows. In light of the above, I have outlined my proposed temporary reduced payment amount, which I believe is both considerate of my current financial circumstances and allows me to maintain a responsible approach to my loan repayment: Loan Account Number: [Loan Account Number] Existing Monthly Payment: [Current Monthly Payment] Proposed Temporary Monthly Payment: [Desired Temporary Monthly Payment] I kindly request you to review my request and provide me with written confirmation of your acceptance, while also informing me of any additional steps or documentation required to proceed. I remain committed to open communication and prompt action to ensure the ongoing stability and integrity of my loan agreement. I sincerely hope that you understand the gravity of my situation and the need for temporary assistance during these unprecedented times. Furthermore, I trust that [Creditor's Name] values its customers and is willing to work together to find a suitable solution that benefits both parties involved. Thank you for your attention to this matter. I believe that by collaborating, we can find an equitable temporary arrangement that allows me to meet my financial obligations while overcoming these challenging circumstances. Please do not hesitate to contact me at your earliest convenience to discuss the next steps or any additional information required. I appreciate your time and understanding. Looking forward to a positive response. Yours sincerely, [Your Name]

Subject: Urgent Request for Temporary Reduction of Loan Payment Amount [Your Name] [Your Address] [City, State, Zip Code] [Email Address] [Phone Number] [Date] [Recipient's Name] [Recipient's Designation] [Creditor's Name] [Address] [City, State, Zip Code] Dear [Recipient's Name], I hope this letter finds you in good health. I am writing to discuss an urgent matter regarding my loan repayment with [Creditor's Name], and I kindly request your attention and assistance in this challenging time. I am currently a resident of Lima, Arizona, and since the outbreak of the COVID-19 pandemic, my financial circumstances have drastically changed. Due to the ensuing economic downturn and various unforeseen events, my income has significantly decreased, making it extremely difficult to manage my loan obligations as agreed upon initially. I have been a reliable borrower since the inception of this loan, and I am committed to fulfilling my financial responsibilities. However, given the present circumstances, I am finding it increasingly challenging to meet the current monthly payment amount. Considering the uncertainty surrounding our global economy, I am kindly requesting a temporary reduction in the loan payment amount for a period of [specify the desired duration]. I believe that a reduction in the monthly payment will considerably alleviate my financial burden, thereby ensuring my ability to maintain regularity in loan repayments. I understand that a temporary reduction in the payment amount may impact the overall loan duration and interest accrual, but I assure you it is my utmost intention to resume regular payments as soon as my financial situation allows. In light of the above, I have outlined my proposed temporary reduced payment amount, which I believe is both considerate of my current financial circumstances and allows me to maintain a responsible approach to my loan repayment: Loan Account Number: [Loan Account Number] Existing Monthly Payment: [Current Monthly Payment] Proposed Temporary Monthly Payment: [Desired Temporary Monthly Payment] I kindly request you to review my request and provide me with written confirmation of your acceptance, while also informing me of any additional steps or documentation required to proceed. I remain committed to open communication and prompt action to ensure the ongoing stability and integrity of my loan agreement. I sincerely hope that you understand the gravity of my situation and the need for temporary assistance during these unprecedented times. Furthermore, I trust that [Creditor's Name] values its customers and is willing to work together to find a suitable solution that benefits both parties involved. Thank you for your attention to this matter. I believe that by collaborating, we can find an equitable temporary arrangement that allows me to meet my financial obligations while overcoming these challenging circumstances. Please do not hesitate to contact me at your earliest convenience to discuss the next steps or any additional information required. I appreciate your time and understanding. Looking forward to a positive response. Yours sincerely, [Your Name]