Why is 'My Story' important?

Are you ready to draft your ‘Story’ and send your Hardship Letters to the Original Creditors you owe?  You may be wondering why you should send the creditor’s information about your hardship and situation.  That is a great question.  Let’s get to that topic now…

The ‘My Story’ segment of your Hardship Letter is your first opportunity to provide the creditors a peek into your personal situation and hardship.  Within your ‘Story’ you should briefly let your creditors know why you are having a difficult time, but also that you do plan to resolve your account with time.   As discussed in other articles, you want to make sure you do not include too much detail about you situation at this point.  Wondering how much detail you should include in your letter?  Take a moment to review:  “How much detail should I include in “My Story”?   

The goal when attempting to resolve your debt, is to stay low on the radar – meaning – to let your account move naturally through the collection process as slowly as possible to avoid unnecessary heightened collection activity.  What you write in your ‘Story’ is so important because the hope is that the creditor will regard your explanation of your circumstance as an act of good faith.  Typically, an honest and genuine description of your ‘Story’ will help the creditor realize that you are not avoiding the debt and in turn the creditor may be more open-minded when reviewing your account.    Should your account stay “low on the radar”, this could give you more time to save for settlements – and that is the key to resolving your debt!  The more time you have to save up for settlements without escalated collection activity, the better!

When drafting your Hardship Letter, you should also review:  What NOT to include in a Hardship Letter.