Loan Penalty Waiver Letter

Hank Patches
3969 Cunningham Court

Southfield, MI 48075
Phone: 222 555 7777
Email: hpatch@email.com

September 15, 2050

Talia Anderson
Credit Loan Department
Southfield Bank
Southfield, MI 48075

Dear Ms. Anderson,

I am writing to request an official waiver for the penalty associated with the outstanding loan balance. I understand that the terms and conditions clearly state that penalties are applicable for late payments or non-payment of the loan amount. However, I believe that my circumstances warrant an exception due to unforeseen circumstances beyond my control.

As background, I have been a loyal and responsible customer of Southfield Bank for the past five years. This is the first time I have faced such financial difficulties, which have arisen from unexpected medical expenses for my family. The overwhelming burden and sudden nature of these costs have made it extremely challenging for me to meet my financial obligations, including the loan repayment.

I humbly request a waiver for the penalty in light of these extenuating circumstances. Not granting this waiver would have severe implications on my financial stability and ability to recover from these unforeseen medical expenses. I assure you that once my financial situation stabilizes, I will promptly resume regular payments and fulfill my complete loan obligation.

Please find enclosed the necessary supporting documentation, including medical bills, to substantiate the reasons for my request. I hope you will carefully review my situation and consider the implications of denying this waiver.

I greatly appreciate your institution's understanding and support during this challenging time. I understand that there is a formal procedure for reviewing waiver requests, and I am ready to provide any additional information or documentation that may be required.

In summary, I kindly request that you grant a waiver for the penalty associated with my outstanding loan balance. I assure you that this waiver will not only alleviate my current financial stress but also allow me to regain my financial stability and honor my commitment to repaying the loan in full.

Thank you for your time and attention to this matter. I look forward to a favorable response.

Sincerely,

Hank Patches