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I sincerely hope my application for a forbearance plan will be approved and the $ that I can afford now is accepted as the mortgage payment for the next few months. If I lose my job, many people will lose their jobs too. Often prepared after the creditor's request for it, this document is useful if you have a debt as a result of unemployment, illness, death of a wage earner, or some other issues. I am aware that there may be more deserving people than I am but I want you to please keep in mind that I am an employer too. A Hardship Letter for Credit Card Debt is a written statement by the debtor sent to their creditor to explain the circumstances that led to the credit card debt.
Sample letter for hardship cedit debt full#
I fully intend to make the full mortgage payments but I need time. If you foreclose, the small business will literally have nowhere to go and we will be forced to declare bankruptcy and even face homelessness. And we are confident that our small business can achieve the same levels of production and turnover of weeks/months ago in another months despite the recession.
Sample letter for hardship cedit debt how to#
We have a very definite plan about how to go about doing this. We have now had to plow our savings back into getting our small business back on its feet. In fact, all of the top executives made only as much as I did. The most that I have earned never exceeded % more than that earned by our lowest-paid employee. You may have heard stories of jet-setting CEOs with private planes, country club memberships, holiday homes in exotic places. We are now on the verge of filing for Chapter 11 protection (please see attached documents) and will most certainly have to declare bankruptcy if we lose the house. I wish the pay freeze and other austerity measures had worked.
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Laying off 98% of our employees has been the most traumatic decision that I have ever had to make. We have now had to scale down our operations drastically and now operate out of my home. Until about weeks/months ago, was a zero-debt small business with a turnover of about $. I founded the small business in with $ of my own money. I am writing this letter in support of my application for a forbearance plan to avert a foreclosure.Ībout weeks ago, my small business lost three major manufacturing contracts one after the other following almost identical cost-cutting measures implemented by our clients.