Loan Repayment Extension Request

I hope this letter finds you well. I am writing to formally request an extension on my loan repayment schedule for the loan with account number [Your Loan Account Number]. Due to unforeseen circumstances, I am currently experiencing financial difficulties that have impacted my ability to make the payments as originally scheduled.

Background of the Loan

I obtained this loan on [Loan Origination Date], and the original repayment term was set to [Original Repayment Term] months. To date, I have made [Number of Payments Made] payments, demonstrating my commitment to fulfilling my obligations. However, recent events have posed significant challenges.

Reason for Requesting Extension

The primary reason for my request is [Detailed Reason, e.g., loss of employment, medical expenses, unexpected repair costs]. Specifically, [Explain the Reason in Detail]. For example, [Provide Specific Example or Data Supporting Your Reason, such as the amount of lost income or unexpected expenses].

Proposed New Repayment Plan

In light of these challenges, I am proposing a revised repayment plan to ensure that I can meet my obligations while managing my current financial situation. My proposal includes the following terms:

1. Extended Repayment Period: An extension of [Number of Months] months, bringing the new repayment term to [New Repayment Term] months.
2. Revised Payment Amount: A reduction in the monthly payment to [Proposed New Monthly Payment Amount], which will be more manageable given my current financial status.
3. Adjustments to Interest Rate or Fees: If applicable, I would appreciate any adjustments to the interest rate or fees to make the new plan feasible.

I believe that these adjustments will enable me to continue making regular payments without defaulting on the loan. I am committed to fulfilling my loan obligations and ensuring that I can meet my responsibilities in the new repayment plan.

Supporting Documentation

To support my request, I have attached the following documents:

• Proof of Financial Hardship: [e.g., Unemployment Benefit Statements, Medical Bills, Repair Invoices]
• Updated Financial Statements: [e.g., Bank Statements, Budget Plan]
• Any Relevant Correspondence: [e.g., Previous Communication with Lender]

Conclusion

I kindly request your understanding and consideration of this extension request. I am open to discussing this matter further and am willing to provide any additional information that may be required. Please let me know if there are any forms or additional procedures that need to be completed to facilitate this request.

Thank you for your attention to this matter. I look forward to your response and hope for a favorable resolution.

Sincerely, [Your Full Name]
[Your Contact Information]