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Credit Card Hardship Request Letter

The letter is a request from an individual to their creditor asking for temporary reduced monthly payments and interest relief due to financial hardship caused by a temporary layoff. They ask the creditor to accept a reduced payment for the next few months until they are back to work. They also request that their account not be placed with a collection agency during this time and that interest be withheld on the debt for 90 days. They assure the creditor that regular payments will resume as soon as their situation improves.

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bjo10
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4K views2 pages

Credit Card Hardship Request Letter

The letter is a request from an individual to their creditor asking for temporary reduced monthly payments and interest relief due to financial hardship caused by a temporary layoff. They ask the creditor to accept a reduced payment for the next few months until they are back to work. They also request that their account not be placed with a collection agency during this time and that interest be withheld on the debt for 90 days. They assure the creditor that regular payments will resume as soon as their situation improves.

Uploaded by

bjo10
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

[Today’s Date]

[Creditor Name]
[1 Downtown Street]
[City, Province Postal Code]
 
WITHOUT PREJUDICE
 
ATTENTION: CREDIT DEPARTMENT
RE: ACCOUNT # 1234 567 890 SMITH, JOHN
 
Dear [Creditor]:
Due to a [layoff], I am temporarily out of work and am experiencing financial
difficulty.
Due to my financial hardship and in order to meet necessary household
expenses plus credit payments, I am asking each creditor to accept a reduced
payment for the next (#) months on my debt. By that time I hope to be back to
work. If my situation improves sooner, I will notify you at that time.
I would appreciate your consideration in this matter as I am not able to meet
the regular payment of [$]. I will pay you [$] per month during this emergency.
I request that my account not be placed with a collection agency as I wish to
deal with you directly. Over the next 90 days, I ask that you also please
consider withholding interest on my debt.
You can be sure that I will resume regular payments on my debt as soon as I
am able.  I will notify you when my situation improves. Please only contact me
in writing at the address below and I will respond to your letters in a timely
manner.
 
Sincerely,
[your name]
[complete mailing address]
[phone number]
[account number]
Your name
Address
Postcode

Name of creditor
Department
Credit Company Name
Address
Postcode

Date

Dear Sir/Madam

Re: Account No:

Further to my previous statement advising me of arrears on my account [Number


above], I am writing to formally request restructured credit terms on my account. I am
presently undergoing financial difficulties due to a decrease in income but have every
intention of honouring our credit agreement. I have taken advice on this matter and
hope that one of the following options can be applied to my account.

I would like to restructure our agreement either by reducing the monthly repayments to
[Amount] and extending the credit repayment period or by freezing the interest on this
account for a period of time. If this is not a viable option then I would like to request a
period of time where I can pay only the interest on the debt until I am able to resume full
repayments. The decrease in my income is a temporary problem that I consider will
continue for around four months.

Please contact me at your convenience by letter or telephone call if the matter needs
further discussion.

Yours faithfully

Your Name

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