You Have Borrowed Money From Your Bank. You Agreed to Repay a Fixed Amount Every Month. However, It Will Be Difficult to Pay Any Money Back This Month.
- State the Amount of Money You Borrowed and the Repayment Schedule.
- Explain Why You Borrowed the Money.
- Explain the Reason You Cannot Pay Any Money This Month and Why You Will Be Able to Pay Next Month.
Dear Sir or Madam,
I am writing to inform you about my loan repayment for the amount of $50,000 that I borrowed from your bank to establish my car dealership company. As per our agreement, I have been making consistent monthly repayments of $1000.
My name is Suneeta Paul and I borrowed a large amount to start a business. The loan was a significant step for me, as it enabled me to start my own business and pursue my dreams in the automotive industry. For the initial few months, everything was running smoothly, and I was able to meet the repayment schedule without any issues. However, the recent lockdown due to the COVID pandemic forced me to close my dealership temporarily, leading to an unexpected stop in sales.
Due to these unforeseen circumstances, I regret to inform you that I am unable to make my regular payment this month. The closure of the store has impacted my income I am optimistic about reopening. Once my dealership is back up and running again, I will be able to resume payments next month promptly. I request you to support and understand me during this challenging time.
Thank you for your consideration. I look forward to a positive response.
Yours sincerely,
Suneeta Paul
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