Question by  jennybop (254)

What should I say in a letter of hardship?

I need extra time to pay a loan.


Answer by  prissymissy (1895)

You should write about anything that would prohibit you from paying your loan on time. This would usually refer to not being able to find a job or losing a job. You could also talk about some sort of hardship that prevented you from working such as a death.


Answer by  AHickman (24)

The goal of a letter of hardship is to persuade your lender that you need more time to pay or need to defer a payment. You must document your circumstances and show how the circumstances were beyond your control. For example, a lay off from work is an unforseeable event that would cause a true hardship on your finances.


Answer by  Christian9247 (5042)

Inform the bank why you cannot pay the loan. Point out and detail what pressing bills and obligations need to take a backseat to the obligation you have to the bank or loan agent which lent you the money in question. These don't always happen or work out but it is worth a shot.


Answer by  cherylb (125)

The current status of your employment,or lack of, should be mentioned as well as the reason for the hardship. Note your intentions to repay and cite your credit history with the concerned debtor. Also, refer to the length of time you have invested in repaying the loan prior to this setback.

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