Hardship Letter to Lender
Nowadays when almost everyone is striving for quality life, it has become more difficult to make both ends meet with limited resources. In these kinds of situations, people seek help from lenders and that always helps them to come out of trouble.
However, if someone falls prey to bad luck and fails to pay back in time then it may double the trouble. There comes the question as to how should someone inform the lender about their condition.
Writing a hardship letter to lender is the most suitable and effective way to get some air to breathe as it describes the financial setbacks that resulted in your inability to pay what you owe.
In the opening paragraph, inform your lender about your inability to pay him back on time. Give complete details of the loan for example your loan number, amount and due date.
Use second paragraph to give all the reasons of failure to clear the debt in time and request for some help.
Make your addressee realise that you are capable of clearing the debt and this is just a temporary plan of action.
Close your letter with an appeal of help and some courteous sentences.
Instructions
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1
Sample of Hardship Letter to Lender:
From,
Tony Greg,
Loan # 427645
71 Palm Lane,
Green Island – 879015,
January 7, 2013.
To,
Mr. Chris Angel,
The Angel Savings & Loans,
35 Drig Road,
Green Island – 769813
Dear Mr. Angel,
I am writing this letter to explain a series of unfortunate events that have resulted in my inability to clear my loan of $18,000 which was scheduled to be paid before December 31, 2012. Let me tell you that I was on track before the start of last month but then the ill-timed death of my father broke my back.
Moreover, the ongoing recession in the market affected my business badly and turned all my plans into dust. I have full intentions to pay what I owe but these setbacks have made this difficult at the moment. That is why I am requesting you for help.
I believe this will be a temporary block and situation will get better. I assure that you will get back your money by the end of this May.
We hope that you will understand and cooperate in this time of need.
Sincerely and Respectfully,
Tony Greg. -
2
Template of Hardship Letter to Lender:
From,
[Your Name]
[Loan Number]
[Address]
[City and Postal code]
[Date]
To,
[Lender’s Name]
[Company’s Name]
[Address]
[City and Postal Code]
[To Whom It May Concern],
This letter is to regretfully inform you that due to some certain reasons I am unable to clear my loan of [amount] which was scheduled to be paid on [due date].
I am sure you will understand my condition as after the [give your reason]. I assure you that I will pay what is due but your help is also needed at the moment.
Moreover, I also hope that things will get better and I will be able to clear my debt before [expected date]. We hope that you will understand and cooperate in this time of need.
Sincerely and Respectfully,
[Your Name].
