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Legal Letter Format 10

This document is a template for a hardship notice addressed to a loan manager, requesting a variation of a loan contract due to financial hardship. The applicant outlines various options for repayment adjustments and expects no default fees while the request is considered. The letter emphasizes the need for a written response within 21 days.

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ImaanPreet Singh
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12 views1 page

Legal Letter Format 10

This document is a template for a hardship notice addressed to a loan manager, requesting a variation of a loan contract due to financial hardship. The applicant outlines various options for repayment adjustments and expects no default fees while the request is considered. The letter emphasizes the need for a written response within 21 days.

Uploaded by

ImaanPreet Singh
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Company-Official-Legal-Letter-Template-Word-Format

Dear Manager,

Re: Hardship notice

Loan account no:

I/we wish to apply for a variation of the above loan contract on the grounds of hardship under section
72 of the National Credit Code.

Change requested

I/we request the following change to my/our contract:

a reduction in the amount of each repayment to $ per fortnight/month. This change is requested for
(number of months) months. After this time I/we will return to making the normal scheduled
repayments. The term of the loan to be extended and any arrears to be added to the loan. OR
no repayments for 3 months with my circumstances to be reviewed at the end of this period to
discuss if a further extension of time is needed. After the agreed period, I/we return to making the
normal scheduled repayments, the term of the loan is extended and the arrears added to the loan.
OR
I/we continue making scheduled repayments and any arrears accumulated during my/our recent
period of financial hardship are added to the loan and the term of the loan extended. OR
no repayments or reduced repayments of $ per month for (number of months) months to exchange
an unconditional sale contract on my/our home.
I/ we assume that you will not continue to charge default fees, default interest or make an adverse
listing on my/our credit report while my/our hardship request is being considered.

Supporting information

I/we confirm that my/our financial hardship was caused by illness, unemployment or other
reasonable cause (delete if not applicable). Give brief details.

I/we expect to be able to reasonably repay the loan if the requested variation is granted. I/we will be
able to pay because (delete if not applicable):

when I return to work I will be able to afford the scheduled repayments.


when I have recovered from my illness I can return to work and can afford the scheduled
repayments.
the loan will be repaid from the sale of my home.
Please send me/us a Financial Statement of Position to complete, if required.

I/we await your reply in writing within 21 days of the date of this letter.

Yours faithfully

Name
Address

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