Financial Hardship Letter for Car Loan
Manager of loans
JP Morgan Banking Services
York City, UK 6743
Dated: 6th of July 2012
Subject: Financial hardship in paying car loan
Respected Mr. Reynolds,
This letter is in regards to the car loan taken by me for an amount of $30000 from your bank on 12th of September 2011 in order to buy the car Toyota Renault. I would like to bring to your notice that I am facing financial hardship in repaying the car loan.
The interest rate of the car loan is around 12 percent per annum and the monthly installment that I have to pay is $1500 per month. If you check the records, there has never been any default from my end in the first eight months of the loan term. But I am facing few financial issues since last two months due to which I could not pay the monthly installment. I have incurred huge losses in my business which has caused this financial hardship. I request you to please do not charge me a fine for default in payment and also increase the term of the loan to five years.
I request you to consider my financial hardship and help me in this regards.
Posted in Hardship Letters