If you are in a situation where you will not be able to repay the full amount due for a credit card or bank loan, you will need to write a Debt Forgiveness Letter. In this letter you will explain your situation and why you feel you are unable to repay the remaining balance.
A person could find themself in this situation due to unforeseen events, such as a loss of income, unexpected medical bills, natural disaster, or a failed business. A Debt Forgiveness Letter Sample can be found through the link below.
When writing a Debt Forgiveness Letter, include the following details:
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