Hardship letters are commonly used by applicants for financial aid or for bank loans to provide relevant information to the lender. Even though some may think that hardship letters should be an exception and not an imperative part of the application process, the fact is that it still must be included in your application form.
A letter of hardship should be written with proper care so that it would help you get a more favorable response. The problems that the applicant may have can be resolved if only the applicant and the lender know how to communicate with each other in a better way. The following are some guidelines for writing a successful hardship letter.
To start off, you need to have a theme for writing a hardship letter. This is needed to write down and organize the subject line and all the information about the person who needs the letter. The subject line needs to be included first since it will act as the anchor of the entire letter. Next, include the complete name, present address, current and previous address, phone number, employment details, social security number, telephone and fax numbers, and relatives and friends. It is best to include the current status on the application form such as for how long have you been a resident of the state, a brief description about the problem, and what you did for the past year, at least three months.
In order to make the letter more powerful, you should include a short explanation of the present situation. This will help the lender understand the need of the applicant for the financial assistance. It is necessary to emphasize the reasons why the applicant needs financial assistance such as medical bills, unexpected bills, emergency expense, the inability to meet the expenses, and the retirement.
Since the borrower is trying to avoid hardships, he should be realistic and let the lender know that a hardship situation is not a good chance for them to get a good deal from the lender. One thing which the borrower should include in the letter is the need for the financial assistance.
The next step in writing a hardship letter is to come up with a compelling letter. The good news is that there are many free samples online for free. But if you want to create your own sample, you can use the following guidelines in writing a successful hardship letter.
First, you need to be very specific and concise about what you are writing. You need to be able to highlight the problems in the most detailed way possible. Use the simple language since you will be writing about it to someone. The objective of the letter is to give the lender some good advice.
Finally, add personal details as much as possible. It is a good idea to include in the letter something about your children, hobbies, education, and work experiences.