Posted on: 24th Jun, 2008 05:34 pm
I am in the process of trying to call my current lender to renegotitate the terms of my loan. I am not sure what to say or how to begin the call. Any advice or suggestion?
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Hi fshong,
Welcome to forums.
What I would like to know is, have you been late on your payments or is it just that you think you won't be able to afford and that's the reason you'd like to call up and negotiate for an alternative plan? Well, you need to explain your financial situation to the lender - why you won't be able to continue with the current plan, and then send him a hardship letter. In the letter, you need to explain in details what has gone wrong with you as a result of which you aren't able to pay or would not be able to do so.
Don't include too much of personal details in the hardship letter. But keep it concise and try to explain your financial situation such that the lender would agree for a renegotiation. Check out a Sample Hardship Letter so that you'll come to know how to write it.
Thanks
Welcome to forums.
What I would like to know is, have you been late on your payments or is it just that you think you won't be able to afford and that's the reason you'd like to call up and negotiate for an alternative plan? Well, you need to explain your financial situation to the lender - why you won't be able to continue with the current plan, and then send him a hardship letter. In the letter, you need to explain in details what has gone wrong with you as a result of which you aren't able to pay or would not be able to do so.
Don't include too much of personal details in the hardship letter. But keep it concise and try to explain your financial situation such that the lender would agree for a renegotiation. Check out a Sample Hardship Letter so that you'll come to know how to write it.
Thanks
I answer your question.
Most lenders will probably just tell you they will negotiate with you after you continue to make your payment on time for 3-6 months to ensure they receive payment.
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Most lenders will probably just tell you they will negotiate with you after you continue to make your payment on time for 3-6 months to ensure they receive payment.
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