Debt Hardship Letter

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DEBT HARDSHIP LETTER

[DATE]

Respected [RECIPIENT NAME],

I am sincerely writing this letter to inform you of my current financial situation and the difficulties I am experiencing. Moreover, this letter shall serve to notify you of the proposal I would like to make for a considerable payment plan to work out the debt I have incurred in the amount of [NUMBER].

In brief, I am currently experiencing a considerable drop in my income for the past few months due to [REASON] and the other debts I have incurred with the high interest that comes with it making me unable to pay my debt to you on time. In lieu of such concern and to assure you of my intent to truly pay the amount I have loaned, I am currently making the same arrangements with my other creditors and acquiring other jobs, to settle everything as neatly and as fast as possible. Furthermore, I am proposing a payment plan of [NUMBER 1] per month payable for [NUMBER 2] years which I think, would be enough to satisfy the debt I have incurred.

If you assent to the proposed payment plan, please reply to this letter and we shall duly discuss the mechanics of the payment plan according to your terms and conditions. Consequently, I have enclosed copies of my financial statements to attest to the hardship I am currently facing and if you have questions or other suggestions regarding this matter, please contact me at [YOUR PHONE NUMBER].

Thank you so much for giving attention to this urgent matter.

Regards,

[YOUR SIGNATURE]

[YOUR NAME]