World economy has been deteriorating recently with many people losing their jobs and several business closing down. Job security is very rare and the volatile economic times have put people under a lot of stress and burden.
We live in a world of credit, where every other person has a debt to pay off. With the curse of interest attached to it, it can become impossible to pay off your debt at times. In such a scenario, you can write a financial hardship letter to your creditor, communicating your inability to pay your bills. Loans or credit can be written-off in genuine cases.
In the first paragraph, explain how you took the loan and also mention your past relationship with the creditor. Then state your present scenario and how you have failed to make payments on time. Request the creditor to reschedule your loan and mention that you will make your efforts to make payments on time in future.