Hardship Letter for Interest Rate

To Whom It May Concern:

I would like to discuss the possibility of restructuring my debt payment to your organization. I currently owe the original amount of {amount} as well as {amount} amassed entirely from interest over the last {amount of time}.

I am not asking for debt forgiveness. However, I am currently being charged an interest rate of {rate}, which costs me {amount} per {month/year}. The breakdown of my salary distribution is attached, but at this time I only have enough left over after necessary expenses to pay {amount} toward the total debt every month. As you can see, the interest rate is so high that I am not even able to pay off the interest itself, much less the debt.

I would like to restructure my payment plan so that I do not have to file for bankruptcy. If you could allow me to {pay a lower interest rate over a longer period of time/forgive the interest accrued/settle for 75% of the payment, etc.} then I believe I will be able to meet the payments in a more timely and manageable fashion.

Please consider my proposed solution when you have a moment and contact me immediately so that we can begin this process.

Sincerely,

{Sender Name}

Index of Hardship Letter Examples