As a business owner or individual, there may come a time when you need to extend the payment schedule for a debt. This might be because of unforeseen circumstances, such as financial difficulties or cash flow issues. Whatever the reason, it’s important to communicate your request to extend the debt payment schedule in a clear and professional manner. One way to do this is by writing a sample letter for an agreement to extend debt payment.
Dear [creditor’s name],
I am writing to request an extension for the debt payment schedule for the amount of [insert amount]. Unfortunately, I have faced unexpected financial hardships, which have made it difficult to meet the current payment schedule. I understand the importance of timely payments, and I am committed to honoring my financial obligations.
I am proposing an extension of [insert date or time period], which will allow me to better manage my finances and make the payments in a timely manner. I have attached a revised payment plan to this letter, outlining the proposed payment schedule for the extended period.
I understand that an extension of the payment schedule may require additional interest or fees, and I am willing to work with you to find a mutually acceptable solution.
I appreciate your understanding and cooperation in this matter. Please let me know if you need any additional information or if you have any questions. I look forward to hearing from you soon.
Sincerely,
[Your name]
In writing this sample letter, it’s important to be honest and transparent about your financial situation. Explain the reasons for the extension request and demonstrate your commitment to fulfilling your financial obligations. Be clear about the proposed extension period and provide a revised payment schedule if necessary. Finally, express your willingness to work with the creditor to find a mutually acceptable solution.