Debt Hardship Letter
What is a debt hardship letter?
A debt hardship letter is a written document that explains the financial difficulties a borrower is experiencing that is causing them to struggle with making their debt payments. It is used to request leniency or assistance from creditors in the form of modified payment plans, reduced interest rates, or even debt forgiveness.
What are the types of debt hardship letter?
There are several types of debt hardship letters that can be used depending on the specific circumstances of the borrower. Some common types include:
How to complete a debt hardship letter
Completing a debt hardship letter is an important step in addressing your financial challenges. Here are some tips to help you create an effective debt hardship letter:
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