We all know that our income may change for the worse when we take out a loan. Rough times contribute to many loan defaults. Is this letter a good example of a change in personal finances or loan agreement? I would not be too quick to judge it but I think it needs more specifics (not that we could post those on here anyway).

To whom it may it concern:

This message is to let you know that due to a change in pay periods other issues with my personal finances, I will no longer be able to make the payments as per the original loan agreement. I have noticed different and varied amounts coming from lenders and I am unable to explain the amounts and to cover those amounts as per the original terms.

I have begun the process of counsel and they will be in touch with you soon to make payment arrangements so that this debt can be paid. Please note that I am not trying to avoid payment, I just need to make alternative payment arrangements and I have every intention of doing what I can to ensure that you are paid the fair amount that you are owed. You should expect that my counsel will be in touch with you in the 30 days.

In the meantime, I have notified the bank of my intent and the are aware that I am working on a way to get all of these items paid. However, the money will no longer be available through ACH debit. Also, I will not be able to be reached at my place of employment. If you need to contact me, you may leave a message on my cell phone and my legal counsel will be in touch with you soon to set up the appropriate arrangements.

Again, this is not an attempt to sidestep any debt, I am earnestly working to get this resolved and get you money that you are owed. Thank you for your patience and again, someone will be in touch soon to get this worked out. I hope that didn’t sound to harsh as I do intend to make arrangements to pay off this debt. Please accept my sincerest apologies.