Hardship letters are short overview of how one has arrived at a difficult financial crossword. Many a times, it is because of mounted bills, a job layoff, a serious setback or marital conflicts like divorce. Sometimes, it might be written to the creditor to ask for some leniency. This letter is vital in the sense that it explains why a person is unable to pay off his debts, car loans or other major loans. It is the first coactive step that a borrower must take in the quest for assistance and compensation from the lender.
When writing a hardship letter, the following things should be kept in mind:-
- This kind of letter is not of the top priority on the lender’s agenda. Hence, the writer should keep in mind that a specific reason should be given for the arrearage, but there should be no sign of complaint in the letter.
- The letter should be the point and concise.
- One should be honest and sincere in writing the contents of the letter.
- Any supportive document should be attached with the letter that can prove the writer’s point.
- Lastly, be sure to thank the lender for their time and cooperation. This kind of letters is very important when it comes to saving the home from foreclosure.
JP Morgan Banking Limited
45 York Shire Drive
New Land, Iowa 7321
Dated: 23rd of March 2012
Respected Mr. Roth,
This letter is in regards to the minimum balance that I am unable to maintain in the savings account number 23908 that I have with your bank. I am through few financial hardships due to which I am facing this problem.
As per the savings account that I have with your bank I have to maintain a minimum balance of $5000. But, as my business is going through a terrible phase I can need liquid cash at any moment. As a result I am unable to use the liquid cash to maintain my minimum balance.
I would request you to take my hardship into consideration and relieve me of the interest amount that I have to pay due to non maintenance of minimum balance.
Account number: 23908
Director of Operations
Apollo Group of Hospitals
34 Glenn Eagle Street
New York, New Jersey 4590
Dated: 3rd of April 2012
Respected Mr. Scott,
I am a patient at your hospital who received a cardio treatment recently. My total bill was $10000 but my insurance covered only fifty percent of the amount and as a result I am supposed to pay rest of the fifty percent from my pocket.
As I am not well and not able to go to office, I currently have no source of income. It would take me one more month to recover completely. After that I would be able to join work and start getting the salary. Till that time I would request you to consider my situation and allow me to pay my hospital bills after a month’s time.
I hope you understand my situation and consider my request. I would be highly grateful if you do so.
London College of Business
234 West Side Road
New York, New Jersey 3456
Dated: 6th of April 2012
Respected Mr. Dean,
I am writing this letter to inform you about the financial hardships that I am going through due to which I am unable to pay my college fees.
Though I am a student, I am also the sole bread earner of my family which consists of my mother and my kid sister. I was working at a local restaurant which has shut down recently. As a result I am currently jobless. If you go by my previous records you will find that I have always paid my fees on time.
I am requesting you to consider my hardship and allow me to continue my classes. I assure you that as soon as I get a job I will pay my fees.
Bachelors in business administration
Axis Bank Limited
34 Yankee Doodle Road
New York, New Jersey 3489
Dated: 12th of April 2012
Respected Mr. Cooper,
I am writing this letter to inform you about my terrible situation due to my divorce.
I had taken a personal loan from your bank for an amount of $50000 on 10th of August 2011. The reason for taking the loan was that I was getting married and needed to meet the marriage expenses. But, currently I am divorced since last two months. As per the settlement in court the custody of my house has gone to my wife. I have to now stay on rent. With my meager salary it is difficult to pay my rent as well as my loan installments.
I would be highly grateful if you would consider my situation and agree to go for a loan settlement so that I can be relieved from this hardship.
Loan Finance Corporation
34 Down Street
London, United Kingdom 3490
Dated: 21st of May 2012
Respected Mr. Tyson,
I am writing this letter to inform you about the hardship that I am facing in regards to my student loan due to financial reasons. I am unable to continue to pay my loan as my father has lost his job due to recession.
I had taken a student loan from your organization on 1st of June 2011 which was being paid by my father as I am still studying. He was the only employed member in our family. I would had taken employment but that would affect my studies. I hope we can come into some kind of agreement to work out this situation.
I am enclosing few documents that will prove the situation that I am in. I assume you comnsider my hardship and take required action.
Manager of Operations,
Sun Rise Technologies
North Dakota, New Carolina 4590
Dated: 3rd of April 2012
Respected Mr. Wild,
I am writing letter as I am facing a hardship and need to take transfer for that reason. I would like to take a transfer in the same position to our office located in California.
I am working as an assistant manager in this organization since last two years. My hometown is in California and my parents also live there. They are in their sixties now and health wise they are not keeping well. Being the only child of my parents, I need to stay with them and take care of them which would not be possible if I stay in a different city.
So, if I am transferred to our California office then I can stay with them and also continue working. I hope you understand my hardship and take the required action.
Universal Law Firm
534 Spencer High Road
Carolina, Los Angeles 3490
Dated: 12th of April 2012
Respected Mr. Martin,
I am writing this letter to explain you about the hardship affidavit situation that I am facing. The reason for this hardship has been caused due to my divorce and the mortgage loan that we had taken together.
When we were married we had taken a mortgage loan for which both my wife and I were borrowers. After divorce, the house came under my custody and so now I have to make my installment payment on behalf of both. It is becoming really unaffordable for me as I have to pay the complete interest amount and also the Government taxes.
I hope you understand the kind of hardship I am in. It would be great if you could help me to convince the bank to go for a loan modification.
Mary Ann Apartments
43 Green Tree Lane
North Dakota, South Carolina 7890
Dated: 3rd of May 2012
I am going through a terrible phase in my life and thought of informing you about it as you are my best friend.
I see that all my friends are doing very well in their career. I feel very happy thinking about that but at the same time I regret thinking that my career is not shaping up due to personal problems. As you are aware that I always wanted to be a writer and go to Holly Wood to make my career. But, due to the failing health of my mother I am unable to go. As a result I am penniless to. I would request you to help me in such a situation and lend me some money to see myself off till my mother recover and I leave for Holly Wood.
Refinance Constructive Co.,
I, Will Macon, having a great difficulty in handling my mortgage repayment terms which are modified by my company called High Mortgage Finance Co. This is to inform you that I am in a great need to get rid of this mess considering that you have better schemes and options that will make sure I have a great deal and will most probably be able to pay your interest amount without any defaults.
Since I am going through my rough financial times, I hereby would prefer a mortgage company that will make sure I have a good opportunity to get the real value of my home as well as easy payment terms without bloating out my finance expenses unnecessarily. In the meantime, I would like to get your immediate solution and possible best deal to finalize it. Hence, I am ready to get you all the necessary papers in order to execute.