Loan Restructuring Letter Due to COVID-19

I hope this message finds you well. I am writing to request a restructuring of my loan due to the financial difficulties I have encountered as a result of the COVID-19 pandemic. The unprecedented impact of the pandemic has severely affected my income and ability to meet my financial obligations as initially planned.

As you are aware, the global crisis has disrupted businesses and economies worldwide, leading to widespread job losses, decreased income, and significant financial strain. Unfortunately, I am no exception to this crisis. Despite my best efforts to manage my finances and meet my loan payments, the current situation has made it increasingly challenging to maintain the agreed-upon repayment terms.

In light of these circumstances, I kindly request the following adjustments to my loan terms:

1. Extended Repayment Period: I would appreciate an extension of the loan term to allow for a more manageable monthly payment. This adjustment would provide me with the necessary flexibility to recover financially and ensure that I can continue to meet my obligations without undue hardship.

2. Temporary Payment Reduction: A temporary reduction in my monthly payments would significantly alleviate the financial pressure I am currently facing. I propose a temporary reduction of [specific amount or percentage] for a period of [number of months], after which we can reassess the situation and determine a feasible plan moving forward.

3. Suspension of Payments: If possible, I would also like to request a temporary suspension of payments for a period of [number of months]. This would allow me to stabilize my financial situation without the added stress of making regular payments during this challenging time.

4. Revised Interest Rate: If an adjustment to the interest rate is feasible, a reduction would greatly assist in lowering my monthly payments and overall financial burden.

I have attached relevant documentation to support my request, including [list of documents, e.g., proof of income loss, financial statements, etc.]. I am committed to working with you to find a mutually agreeable solution and am open to discussing any other options that may be available.

Thank you for your understanding and consideration of my request. I look forward to your positive response and am hopeful that we can reach a resolution that accommodates my current financial circumstances.

Sincerely,

[Your Name]
[Your Contact Information]
[Loan Account Number]