Going through financial hardships can happen to anyone at some point in their lives. It is something you do not expect. It can have a serious effect on your way of living. You might still be paying an ongoing loan, your rent might be due, or you still owe a friend or family member a huge amount of money. However, you cannot leave them in the dark about your situation.
5 Tips for Writing a Hardship Letter to Your Creditors
Start by clicking on "Fill out the template". Your document is ready! You will receive it in Word and PDF formats. You will be able to modify it. This Financial Hardship Letter is for use by a person who is experiencing financial hardship, and who is having difficulty meeting their financial obligations as a result of that hardship the "Sender".
How to write a financial hardship letter to creditors
A hardship letter is a statement written by a borrower to a creditor describing a change in his financial situation. Many creditors require a hardship letter when the borrower requests financial assistance or alternative payment options. The letter should provide a detailed explanation of the type of assistance the borrower wants, the cause of the financial hardship and the current financial situation leading to non-payment of debt.
There are many situations in which you may need to know how to write a financial hardship letter. Hardship, by its definition, is an unexpected event. People usually do not take on financial commitments if they expect not to be able to meet them. It is the reality of life that your situation may change and this can lead to a temporary difficulty that prevents you from complying with your financial obligations. Very simply put, this is a letter written to a creditor, in which special consideration is requested because of a certain situation.