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Financial Hardship Letter Template

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    When writing a financial hardship letter, make sure that it is straight to the point but with a humble tone. If you use too many words, the lending institution will perceive it as a point of frustration. Take full control of the situation without fear.

    If you are not sure of what to write to your lenders, try using a financial hardship letter template. In the template, you most of the work is done for you, and all you need is to fill in a brief explanation of the cause of your bad financial position.

    When writing the text, make it personal with a friendly tone. Inform your lenders the real causes of your poor financial state and how you plan to overcome such a situation.

    Remind the lender how you have been trustworthy in the past and then make a request for loan modification. Defaulting on loan repayment is not limited to a particular person and your lenders are completely aware of this.

    Their high chances of winning their favor provided you play the cards right. Below is the letter for financial hardship letter.

    Loan Default Hardship Letter

    Cash Jacob,
    32F Berkeley Street,
    Michigan 30500.

    (Date)

    The Manager,
    (Bank Name)
    (Branch Name)
    (Bank Street Address)
    (City, State, Zip Code)

    Dear Sir/Madam,

    RE: Loan Default Payment

    I would like to bring to your attention that I have faced financial constraints which are hindering my continual debt servicing. My hardships arise from the fact that my business was gutted down by a fire.

    To make matters worse, the insurance company is not paying citing negligence on my part. I have worked with your institution for over five years with a clear record.

    Therefore, I request you for a negotiated settlement to for the remaining part of the loan. I will appreciate your positive response.

    Thank you.

    Yours Faithfully,

    _______________
    (Name)

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