Sample Letters | Sample Letters : Request for Hardship Variation |
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Important: This letter can be used as a guide. You must insert your own details where appropriate and delete any information that is not relevant to your situation. Always date your letters. Always keep a copy of the letter you send. GET LEGAL ADVICE IF YOU DON'T UNDERSTAND Date: [Name of Lender] Dear Manager, Request for change on the grounds of hardship I/We wish to apply to you for a variation of the above loan contract pursuant to section 66 of the Consumer Credit Code 1996. I/We request the following change: Choose one option only:
I understand that where I am requesting the payments to be reduced or postponed there will be no change in the annual percentage rate and the term of the loan will be extended accordingly. In support of my application I give the following details: Details of reasonable cause for application: [Give details of illness, unemployment or other "reasonable cause" and expected date for recovery/employment.] Details of Income and Expenditure: My current income is: $ per week/fortnight/month My current expenses are: Rent/mortgage: $ per week/fortnight/month Other loan repayments: $ per week/fortnight/month Other major expenses: $ per week/fortnight/month As can be seen from the above information, I/we will be able to discharge our obligations under the above contract if you agree to the proposed change. I/we ask that you consider this application as a matter of urgency. I/We assume you will stay all enforcement action while you consider this application. If this is not possible, please let me/us know immediately in writing. I/We await your reply in writing. ____________________ Warning: This letter is information only and should not be relied upon as legal advice. |