Financial Hardship Waiver Form

Financial Hardship Waiver Form for Philippines

Financial Hardship Waiver Form Template for Philippines

This document serves as a formal application and agreement for financial hardship relief under Philippine law, specifically complying with BSP regulations and relevant consumer protection legislation. It enables borrowers experiencing legitimate financial difficulties to request modifications to their existing financial obligations. The form captures essential information about the applicant's financial situation, the nature of their hardship, and their proposed resolution plan, while incorporating necessary declarations and authorizations required under Philippine banking regulations. It includes provisions for verification of claims and documentation requirements as mandated by local financial authorities.

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What is a Financial Hardship Waiver Form?

The Financial Hardship Waiver Form is a critical document used in the Philippine financial sector when borrowers face significant financial difficulties that impact their ability to meet their credit obligations. This document is designed in accordance with Bangko Sentral ng Pilipinas (BSP) guidelines and various Philippine banking regulations, including the Truth in Lending Act and Consumer Protection Laws. It is typically utilized when borrowers experience unexpected circumstances such as job loss, medical emergencies, business failures, or other significant financial setbacks. The form collects comprehensive information about the borrower's current financial situation, the nature and cause of their hardship, and their capacity for future payments. It includes necessary declarations, consents, and authorizations required under Philippine law, while also serving as a formal request for specific relief measures such as payment restructuring, term extensions, or interest rate modifications.

What sections should be included in a Financial Hardship Waiver Form?

1. Personal Information: Applicant's full legal name, contact details, address, and identification information as required by Philippine regulations

2. Account Details: Information about the relevant financial accounts, loan numbers, or credit facilities affected by the hardship

3. Hardship Declaration: Detailed explanation of the nature of financial hardship being experienced and its cause

4. Financial Assessment: Current income, expenses, assets, and liabilities to evaluate the extent of hardship

5. Supporting Documentation: List of required documents to verify hardship claims (e.g., medical bills, termination notice, business closure documents)

6. Requested Relief: Specific type of financial relief being requested (e.g., payment reduction, term extension, interest rate modification)

7. Acknowledgment and Declaration: Applicant's confirmation that all provided information is true and correct, with reference to penalties for false declarations

8. Authorization: Consent for the financial institution to verify information and access relevant records

What sections are optional to include in a Financial Hardship Waiver Form?

1. Co-Borrower Information: Details of co-borrowers or guarantors, if applicable to the account

2. Business Information: For self-employed individuals or business owners, details about their business and its financial situation

3. Previous Relief History: Information about any previous hardship relief granted, if applicable

4. Third-Party Authorization: Authorization for a third party to act on behalf of the applicant, if needed

5. Employment Details: Current employment status and history, particularly relevant for employment-related hardship

6. Recovery Plan: Applicant's proposed plan to overcome the financial hardship and resume regular payments

What schedules should be included in a Financial Hardship Waiver Form?

1. Schedule A - Income and Expense Statement: Detailed breakdown of current monthly income and expenses

2. Schedule B - Asset and Liability Declaration: Comprehensive list of all assets owned and debts owed

3. Schedule C - Required Supporting Documents Checklist: Checklist of all required supporting documentation based on hardship type

4. Appendix 1 - Terms and Conditions: Standard terms and conditions applicable to the hardship relief program

5. Appendix 2 - Privacy Notice: Information about how the applicant's personal and financial information will be used and protected

6. Appendix 3 - Relief Options Guide: Detailed explanation of available hardship relief options and their implications

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok��˰� | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents

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Work Liability Release Form

A Philippine-compliant legal document that establishes a voluntary waiver of liability between employer and employee for specific work activities while maintaining mandatory worker protections.

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Download a Standard Financial Hardship Waiver Form

Review your own Financial Hardship Waiver Form

What is a Financial Hardship Waiver Form?

What sections should be included in a Financial Hardship Waiver Form?

What sections are optional to include in a Financial Hardship Waiver Form?

What schedules should be included in a Financial Hardship Waiver Form?

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