Riverside California Sample Letter for Request to Creditor for Temporary Reduction of Loan Payment Amount

• Category: Letters - Loans and Lending - Payment Reductions
• State: Multi-State
• County: Riverside
• 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] [Email Address] [Phone Number] [Date] [Creditor's Name] [Creditor's Address] [City, State, ZIP] Subject: Request for Temporary Reduction of Loan Payment Amount Dear [Creditor's Name], I am writing to respectfully request a temporary reduction in the monthly loan payment amount for my [loan type] with your company. Due to [briefly explain the financial hardship or change in circumstances that justify this request, e.g., job loss, medical expenses, reduction in income], I am currently facing significant financial challenges. As a responsible borrower, I understand the importance of meeting my financial obligations. However, the current circumstances have made it extremely difficult to maintain the original loan payment schedule. It is my strong desire to fulfill my repayment obligations despite the temporary setback I am facing. I kindly request your assistance and understanding during this trying time. I am hopeful that, given the circumstances, you will consider granting a temporary reduction in the loan payment amount for a period of [specify the duration, e.g., three months]. This reduction would greatly assist me in meeting my basic needs while I work to stabilize my financial situation. I would like to propose a reduced monthly payment amount of [state the specific amount you propose] for the duration mentioned above. This temporary modification will help me overcome the immediate financial burden and allow me to get back on track with my regular payments in the near future. I assure you that as soon as my financial situation improves, I will resume making regular payments as specified in the loan agreement. Please note that I am committed to staying in communication with your company and will keep you updated on any changes in my circumstances. I understand that this request is out of the ordinary, and I sincerely appreciate your consideration. Should you require any additional documentation to support my request or discuss this matter further, please do not hesitate to contact me via phone or email provided above. I am grateful for your understanding during this challenging time and your willingness to work with me. Thank you for your kind attention to this matter. I greatly value my relationship with your company and look forward to resolving this temporary hardship together. Yours sincerely, [Your Name]

[Your Name] [Your Address] [City, State, ZIP] [Email Address] [Phone Number] [Date] [Creditor's Name] [Creditor's Address] [City, State, ZIP] Subject: Request for Temporary Reduction of Loan Payment Amount Dear [Creditor's Name], I am writing to respectfully request a temporary reduction in the monthly loan payment amount for my [loan type] with your company. Due to [briefly explain the financial hardship or change in circumstances that justify this request, e.g., job loss, medical expenses, reduction in income], I am currently facing significant financial challenges. As a responsible borrower, I understand the importance of meeting my financial obligations. However, the current circumstances have made it extremely difficult to maintain the original loan payment schedule. It is my strong desire to fulfill my repayment obligations despite the temporary setback I am facing. I kindly request your assistance and understanding during this trying time. I am hopeful that, given the circumstances, you will consider granting a temporary reduction in the loan payment amount for a period of [specify the duration, e.g., three months]. This reduction would greatly assist me in meeting my basic needs while I work to stabilize my financial situation. I would like to propose a reduced monthly payment amount of [state the specific amount you propose] for the duration mentioned above. This temporary modification will help me overcome the immediate financial burden and allow me to get back on track with my regular payments in the near future. I assure you that as soon as my financial situation improves, I will resume making regular payments as specified in the loan agreement. Please note that I am committed to staying in communication with your company and will keep you updated on any changes in my circumstances. I understand that this request is out of the ordinary, and I sincerely appreciate your consideration. Should you require any additional documentation to support my request or discuss this matter further, please do not hesitate to contact me via phone or email provided above. I am grateful for your understanding during this challenging time and your willingness to work with me. Thank you for your kind attention to this matter. I greatly value my relationship with your company and look forward to resolving this temporary hardship together. Yours sincerely, [Your Name]