I respectfully request that you forgive my alleged debt, as my condition precludes any employment, and my current and future income does not support any debt repayment. Please respond to my request in writing to the address below at your earliest convenience. Thank you in advance for your understanding of my situation.
Illustrate how you were affected by it at the time and how you continue to be hurt by it. State what you wish the other person had done instead. End with an explicit statement of forgiveness and understanding (e.g., “I realize now that what you did was the best you could at the time, and I forgive you”).
Start by reaching out to your creditors to discuss the debt forgiveness or repayment plans available to you. A nonprofit credit counselor may also help you carefully and objectively explore your various options, including bankruptcy.
Further to my recent letter / telephone call (detail) on (date), I have sought professional (remove if you have not got help from a debt adviser) advice on my current financial difficulties. I therefore enclose a copy of my household budget which gives details of my present financial circumstances.
I have taken a careful look at my financial situation. I have set up a realistic minimum budget for my living expenses and have developed a debt repayment program. I am hoping you will accept a reduced payment of per month. Amounts will be increased as soon as possible until the debt is totally paid.
I am writing this letter to request assistance with my personal loan during a time of financial hardship. Approximately two weeks ago, I was let go from my job due to company-wide layoffs. As a result, I have been unable to continue making regular payments on my loan.
In general, a 609 letter is not a legal loophole that consumers can use to remove accurate information from their credit reports. This means they can't relieve you of any verifiable debt. If a credit bureau is able to verify your debt, it will stay on your report. They also can't relieve you of your existing debt.
A hardship letter explains to a lender the circumstances that have made you unable to keep up with your debt payments. The letter provides specific details such as the date the hardship began, the cause and how long you expect it to continue. Many creditors will require a hardship letter if you request help.
If you have loans that have been in repayment for more than 20 or 25 years, those loans may immediately qualify for forgiveness. Borrowers who have reached 20 or 25 years (240 or 300 months) worth of payments for IDR forgiveness may see their loans forgiven in Spring 2023.
Public Service Loan Forgiveness (PSLF), Teacher Loan Forgiveness, and forgiveness through income-driven repayment (IDR) are three of the ways federal student loan borrowers can still avoid paying back the rest their loans.
You can also call the Federal Student Aid Information Center at 1-800-433-3243. If you need help with your federal student loans or are pursuing some form of student loan forgiveness, make sure you're contacting a U.S. Department of Education affiliated company that you can trust.
Guidelines for writing apologies:
Write as soon as possible after the incident. Apologize, but do not go overboard by saying, “I am very, very, very sorry.” Keep it simple and to the point. Summarize what you are apologizing for, and apologize only for the particular situation or problem. Be brief.
You are in financial hardship if you have difficulty paying your bills and repayments on your loans and debts when they are due.
Acceptable Documentation
Lost Employment. • Unemployment Compensation Statement. (Note: this satisfies the proof of income requirement as well.) • Termination/Furlough letter from Employer. • Pay stub from previous employer with.
Explain your current situation. Tell them your family income is reduced and you are not able to keep up with your payments. Frankly discuss your future income prospects so you and your creditors can figure out solutions to the problem.
The truth is that there are no magic words to stop a debt collector from collecting the debt. In case you are wondering what the 11 word phrase to stop debt collectors is supposed to be its “Please cease and desist all calls and contact with me immediately.”
The letter requests an investigation into the disputed information under Section 623 of the Fair Credit Reporting Act (FCRA), aiming to correct errors and ensure the accuracy of the credit report. This process allows individuals to address and rectify any inaccuracies that may impact their creditworthiness.
The 609 dispute letter is often referred to as the “legal loophole”, or the “credit repair secret' and can be useful in different situations. Apart from correcting your credit report, the 609 letter could be what you need to respond to a debt collection lawsuit.
Mistakes to Avoid in Your Hardship Letter
Don't say that your situation is your lender's fault or that their employees are jerks. Don't state that things will likely turn around for you.
To Whom It May Concern: I am writing this letter to request a loan modification to help me get my mortgage payments back on track and avoid foreclosure during this time of unforeseen financial duress for my family.