Request Letter to Bank Reduce Monthly Educational Loan Installment

Request Letter to Bank Reduce Monthly Educational Loan Installment

2nd January, 2019.
Your Name
Your Address
City, State Zip

Collection Agency
Collection Agency Address
City, State Zip
Re: Acct # XXXX-XXXX-XXXX-XXXX

To Whom It May Concern

Dear Sir,

I am regretfully informing you that I would like to request for the release of educational loan. This educational loan is under my name. I am going through a very critical phase of my life. My beloved father is admitted in hospital and he was diagnosed with stomach cancer, all the money is going for his treatment and I am unable to continue with my current payment plan. I am in a very bad shape right now and my pocket does not allow me to continue this payment plan. Therefore, as the need suggest I want to go for alternative payment method. I would like to offer a reduced monthly payment method by which it would be easy for me to pay and get back on my schedule as soon as possible. Please make it three
installments and extend the due date. I hope you notice my request and grant it as early as you see it, taking my unfortunate condition under consideration.

Yours Sincerely,

Abeeha Verma

Sample Letter for Reduction of Monthly Installment Payment

3rd January, 2019
Your Name
Your Address
City, State Zip

Collection Agency
Collection Agency Address
City, State Zip

Re: Acct # XXXX-XXXX-XXXX-XXXX

To Whom It May Concern

Refer to the above mentioned subject, I am writing this to inform that I am unable to pay educational loan with two installments. My budget is very limited right now and I cannot afford to pay two installments. My brother had a very bad accident and my family is spending a lot of money in his treatment. I have to compromise on the money but I cannot compromise on my studies so I have thought to find an alternative payment method and to extend date of payment. I want to be debt free also so that is why I am offering this method. I hope bank expertise will work on this matter and make it happen. I want to pay reduced monthly payment $10,000 instead of $30,000. I will be back on the schedule and resume my regular payment method as soon as things get fine with my family and
improves.

Yours Sincerely,
Anjali Shukla.

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