Official Legal Letter   

Dear Manager,

Re: Hardship notice

Loan account no:

I/we wish to apply for a variation of the above loan contract on the grounds of hardship under section 72 of the National Credit Code.

Change requested

I/we request the following change to my/our contract:

a reduction in the amount of each repayment to $ per fortnight/month. This change is requested for (number of months) months. After this time I/we will return to making the normal scheduled repayments. The term of the loan to be extended and any arrears to be added to the loan. OR
no repayments for 3 months with my circumstances to be reviewed at the end of this period to discuss if a further extension of time is needed. After the agreed period, I/we return to making the normal scheduled repayments, the term of the loan is extended and the arrears added to the loan. OR
I/we continue making scheduled repayments and any arrears accumulated during my/our recent period of financial hardship are added to the loan and the term of the loan extended. OR
no repayments or reduced repayments of $ per month for (number of months) months to exchange an unconditional sale contract on my/our home.
I/ we assume that you will not continue to charge default fees, default interest or make an adverse listing on my/our credit report while my/our hardship request is being considered.

Supporting information

I/we confirm that my/our financial hardship was caused by illness, unemployment or other reasonable cause (delete if not applicable). Give brief details.

I/we expect to be able to reasonably repay the loan if the requested variation is granted. I/we will be able to pay because (delete if not applicable):

when I return to work I will be able to afford the scheduled repayments.
when I have recovered from my illness I can return to work and can afford the scheduled repayments.
the loan will be repaid from the sale of my home.
Please send me/us a Financial Statement of Position to complete, if required.

I/we await your reply in writing within 21 days of the date of this letter.

Yours faithfully

Name
Address