Letter to Bank on Suspension / Extension of Deadline on Credit Card Repayment

The document titled 'Letter to Bank on Suspension / Extension of Deadline on Credit Card Repayment' is a formal letter addressed to a bank. The letter is written to request either a moratorium on credit card repayment or a postponement of the payment deadline. The importance of this document lies in its ability to communicate the financial difficulties faced by the individual and seek temporary relief from the bank.

 

The entire document consists of a salutation, a brief introduction, the main body, and a closing. The salutation addresses the recipient as 'dear sir / madam' followed by the current date. The introduction provides context by mentioning the diligent loan repayment history of the individual and the impact of the coronavirus pandemic on their ability to service the loan.

 

The main body of the letter outlines the specific requests made by the individual. If the proposal is for a moratorium on payment, two requests are made: 1) a moratorium on credit card repayment period, and 2) a waiver of any interest or penalties during the suspension of payment. If the proposal is for a postponement of payment deadline, the same two requests are made. Additionally, the third request is to ensure that the individual's credit rating, score, and creditworthiness will not be affected.

 

The closing expresses gratitude for considering the request and emphasizes the individual's desire to continue being a long-term customer of the bank. Contact information is provided for further communication.

 

In summary, this document serves as a formal request to the bank for temporary relief from credit card repayment obligations due to financial difficulties caused by the coronavirus pandemic. It is important for the individual to clearly state their requests and maintain a professional tone throughout the letter.

How to use this document?

Guidance for using the 'Letter to Bank on Suspension / Extension of Deadline on Credit Card Repayment':

1. Begin the letter by addressing the bank with 'Dear Sir / Madam' followed by the current date.

2. Provide a brief introduction that highlights your diligent loan repayment history and explains the impact of the coronavirus pandemic on your ability to service the loan.

3. Clearly state your request for either a moratorium on credit card repayment or a postponement of the payment deadline. If requesting a moratorium, specify the desired duration of the suspension.

4. If requesting a moratorium, also request a waiver of any interest or penalties that may accrue during the suspension period.

5. If requesting a postponement of the payment deadline, specify the desired duration of the extension.

6. Request that your credit rating, score, and creditworthiness not be affected by the temporary relief.

7. Express gratitude for considering your request and emphasize your desire to continue being a long-term customer of the bank.

8. Provide your contact information (phone number and email) for further communication.

9. Sign the letter with 'Yours sincerely' followed by your account first name and last name.

Note: It is important to maintain a professional and polite tone throughout the letter. Be concise and clear in expressing your requests and provide any necessary supporting information or documentation.