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Sample Hardship Letter for Credit Card Debt
What Is a Hardship Letter for Credit Card Debt?
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. 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.
There is always a chance that after receiving a properly drafted letter that explains the difficulties the debtor has encountered the creditor may go easier on them, offer them to pay back in installments or with a reduced interest rate, or even lower the total amount of credit card debt.
You may download a sample Hardship Letter for Credit Card Debt via the link below.
How to Write a Hardship Letter to Credit Card Companies?
Here is how you can compose your own Hardship Letter for Credit Card Debt:
- Greet the person who will review your documents or the entire department of the financial organization.
- Explain the reason for writing and do not forget to refer to the agreement you have initially signed with the creditor.
- Clarify why you have not been able to make credit card payments on time or why you have accumulated a serious debt. Your goal is to convince the reader your current financial situation is poor yet you have already taken measures to get back on the right track.
- Strengthen your point by enclosing documentation that illustrates your past or present financial difficulties - medical records, tax returns, pay stubs, unemployment records, etc.
- Write down your contact information and offer the recipient of the letter to be in touch in case they require more details. Sign and date the document.
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Download Sample Hardship Letter for Credit Card Debt
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