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The Credit Card Debt Forgiveness Letter is a crucial document used in the Philippine banking system when a credit card holder faces significant financial hardship and seeks relief from their credit card debt obligations. This document becomes necessary when circumstances such as medical emergencies, job loss, or severe financial setbacks prevent a cardholder from meeting their payment obligations. The letter must comply with Philippine banking regulations, particularly BSP Circular 1048 on Financial Consumer Protection, and should include detailed information about the account, the nature of the hardship, payment history, and the specific relief requested. Used primarily in situations where standard debt restructuring options may be insufficient, this document serves as a formal appeal to the credit card issuer's loss mitigation or hardship department. The letter should be drafted with consideration of the Truth in Lending Act and the Consumer Act of the Philippines, ensuring all statements are truthful and verifiable.

1. Sender Information: Full name, address, and contact details of the debtor

2. Date: Current date of the letter

3. Recipient Information: Name and address of the credit card company/bank, including specific department if available

4. Account Information: Credit card account number, current outstanding balance, and other relevant account details

5. Subject Line: Clear indication that this is a request for debt forgiveness

6. Opening Statement: Brief introduction and purpose of the letter

7. Debt History: Overview of how the debt accumulated and previous payment history

8. Current Financial Situation: Explanation of current financial hardship or circumstances

9. Specific Request: Clear statement of the amount of debt forgiveness requested

10. Proposed Resolution: Any offer of partial payment or settlement terms

11. Closing Statement: Professional closing with clear call to action

12. Signature Block: Full name and signature of the debtor