Writing a Credit Card Hardship Letter (with Samples)
Use these sample credit card hardship letters as templates for your formal hardship letter.
Last updated on June 15th, 2022
Nearly every American has some sort of credit card debt. Whether it is a few hundred dollars or goes into the thousands, it can be hard to manage at times. With all the economic woes that people are facing, there may come a time when it is necessary to ask for relief from the debt, or a reduction in the monthly payment.
Credit card companies are often willing to work with people who are having a hard time. After all, some money coming in is better than no money at all. This is not an uncommon request or something they don’t deal with on a daily basis.
Easiest Debt to File Bankruptcy On?
Credit card companies are the easiest debt to file bankruptcy on, which is why they are usually more than willing to work with someone who is willing to pay anything. A hardship letter is the first step to letting the credit card company know that things are bad.
It can stop creditor harassing phone calls and can put the account back on track at the credit bureau. While this letter is not a “get out of debt free card,” it can call to action departments within the company that can help.
Late Fees
Usually, credit card companies will suspend late fees, lower interest rates and do many other things in an effort to help. Oftentimes, they will want to suspend card activity and keep the account open while the person is paying the debt. This can be beneficial to someone who is having a hard time paying their bills.
Before writing this type of letter, figure out what can be paid each month. Be sure to be honest; don’t make promises that cannot be kept.
If there is no money at all to pay the debt, then bankruptcy may be the only option. This letter is for people who have some money to pay, or who have fallen behind and need help catching up.
Credit card companies are often willing to work with people who are having a hard time. After all, some money coming in is better than no money at all. This is not an uncommon request or something they don’t deal with on a daily basis.
Easiest Debt to File Bankruptcy On?
Credit card companies are the easiest debt to file bankruptcy on, which is why they are usually more than willing to work with someone who is willing to pay anything. A hardship letter is the first step to letting the credit card company know that things are bad.
It can stop creditor harassing phone calls and can put the account back on track at the credit bureau. While this letter is not a “get out of debt free card,” it can call to action departments within the company that can help.
Late Fees
Usually, credit card companies will suspend late fees, lower interest rates and do many other things in an effort to help. Oftentimes, they will want to suspend card activity and keep the account open while the person is paying the debt. This can be beneficial to someone who is having a hard time paying their bills.
Before writing this type of letter, figure out what can be paid each month. Be sure to be honest; don’t make promises that cannot be kept.
If there is no money at all to pay the debt, then bankruptcy may be the only option. This letter is for people who have some money to pay, or who have fallen behind and need help catching up.
Proper Business Format
Start the letter with proper business format. Make sure to have the name and address of the company with the date at the top left hand side. It is acceptable to put a reason line and place the credit card number in it.
The first paragraph needs to have the reason for the letter. Ask for help and say why help is needed. If a person in the house lost their job, it may have a financial impact on the ability to pay this credit card bill. State the reasons why things are falling behind.
The next paragraph should be reserved for saying what can be done to rectify this bill. If a person can pay $25 a month, state that. Never say anything that isn’t true. In other words, don’t make promises that cannot be kept.
Make sure that the arrangements that are made are able to be carried out each month, or they probably will not be as nice the next time around. Here is a sample hardship letter.
Start the letter with proper business format. Make sure to have the name and address of the company with the date at the top left hand side. It is acceptable to put a reason line and place the credit card number in it.
The first paragraph needs to have the reason for the letter. Ask for help and say why help is needed. If a person in the house lost their job, it may have a financial impact on the ability to pay this credit card bill. State the reasons why things are falling behind.
The next paragraph should be reserved for saying what can be done to rectify this bill. If a person can pay $25 a month, state that. Never say anything that isn’t true. In other words, don’t make promises that cannot be kept.
Make sure that the arrangements that are made are able to be carried out each month, or they probably will not be as nice the next time around. Here is a sample hardship letter.
Sample 1 - Credit Card Hardship Letter
Crystal Phillips
71 Comanche Lane
Chillicothe, Ohio 45601
DATE
First One Credit Card
90890 Worthington-Galena Rd.
Worthington, Ohio 43081
Re: 4456-0987-0934-7687
To Whom It May Concern:
I am writing regarding the above listed credit card. As you can see from reviewing the records, this card is a few months past due. I had a perfect payment history until I lost my job about 4 months ago.
While I do receive unemployment, it is not nearly enough to pay the mounting debt I have. However, it is my desire to get this account current and to be in good standing.
My credit card is racking up tons of charges for late payments and interest. I want to close this account out but still make payments on it. Would it be acceptable to pay $50 a month until this bill is paid off?
I know that sometimes the credit card company can suspend the past due amounts, make the account current and put it on a payment plan. Is this possible for my account? If not, I would be interested in anything that you could do to help.
Please contact me at your earliest convenience to discuss this account further. I can be reached anytime at 614-895-0345. I appreciate your prompt attention to this matter.
Sincerely,
Crystal Phillips
Sample 2 - Credit Card Hardship Letter
Name of Consumer
Address of Consumer
City, State, Zip Code
DATE
Name of Credit Card Company
Address of Credit Card Company
City, State, Zip Code
RE: Reduced Payment on Credit Card Number NUMBER
Dear Name of Creditor:
This letter is a formal request to reduce my monthly payments on the above credit card account. I am temporally unemployed as I lost my job as a high school science teacher on DATE. However, I have a new job that starts in three months.
I am currently making $50 payments each month and respectfully request that my payments be reduced to $20 for four months until DATE, at which time I will continue making full payments. I also request that my credit score is not adversely affected by this.
I would appreciate your help in this matter, as I sincerely want to honor my debt and will faithfully resume regular payments at the above-mentioned time. Thank you for your consideration of my request. If you have any questions, I can be reached at Phone Number or Email Address.
Sincerely,
Signature of Consumer
Printed Name of Consumer
Sample 2 - Credit Card Hardship Letter
Name of Consumer
Address of Consumer
City, State, Zip Code
DATE
Name of Credit Card Company
Address of Credit Card Company
City, State, Zip Code
RE: Reduced Payment on Credit Card Number NUMBER
Dear Name of Creditor:
This letter is a formal request to reduce my monthly payments on the above credit card account. I am temporally unemployed as I lost my job as a high school science teacher on DATE. However, I have a new job that starts in three months.
I am currently making $50 payments each month and respectfully request that my payments be reduced to $20 for four months until DATE, at which time I will continue making full payments. I also request that my credit score is not adversely affected by this.
I would appreciate your help in this matter, as I sincerely want to honor my debt and will faithfully resume regular payments at the above-mentioned time. Thank you for your consideration of my request. If you have any questions, I can be reached at Phone Number or Email Address.
Sincerely,
Signature of Consumer
Printed Name of Consumer
Sample 3 - Credit Card Hardship Letter
Name of Consumer
Address of Consumer
City, State, Zip Code
DATE
Name of Credit Card Company
Address of Credit Card Company
City, State, Zip Code
RE: Reduced Payment on Credit Card Number NUMBER
Dear Name of Creditor:
This letter is to formally request a reduction in payments on my debt for the next six months. I request to pay AMOUNT starting on DATE and beginning the normal payments on DATE. I have every intention of paying my debt, but am not able to make the usual payments at this time.
I lost my teaching job because of financial cut-backs in my school district. I am well-qualified for teaching biology and hope to have another job within six months. I am looking in two other school districts near where I live.
Because I have every intention of paying my debt, I would like to request that you not give it to a collection agency. I need to maintain my credit rating.
I hope to receive a favorable reply in writing within the next two weeks. If you have any questions or would like any more information about my situation, I can be reached at Phone Number or at Email Address.
Thank you for your kind consideration in my time of difficulty.
Sincerely,
Signature of Consumer
Printed Name of Consumer
By Andre Bradley
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