[Your Name] [Your Address] [City, State, ZIP] [Email Address] [Phone Number] [Date] [Recipient's Name] [Recipient's Address] [City, State, ZIP] Subject: Agreement to Extend Debt Payment — [Account Number] Dear [Recipient's Name], I hope this letter finds you well. I am writing to discuss the possibility of extending the debt payment terms for my outstanding debt with [Creditor's Name]. I currently reside in Iowa, and I am seeking an alternative repayment plan that aligns with my financial situation. Furthermore, I became a debtor to [Creditor's Name] due to [briefly mention the reason for the debt]. Given my commitment to resolving this financial obligation, I am proposing an extension to the original debt payment agreement to ensure timely repayment without causing undue financial strain. I kindly request your understanding and cooperation in modifying the existing debt payment agreement. I propose the following terms for the extended payment plan: 1. Extended Duration: I request an additional [specify duration, e.g., six months] to repay the outstanding debt. This extension will provide me with a more reasonable timeframe to meet my financial obligations without compromising on other essential expenses. 2. Revised Monthly Payments: In light of the extended duration, I kindly request a revision of my monthly payment amount. I propose [specify the new monthly payment amount] per month, which reflects my financial capability while ensuring steady progress towards debt resolution. 3. Interest Rate Adjustment: Considering the unforeseen circumstances that have impacted my ability to meet the original payment terms, I kindly request a reevaluation of the interest rate associated with the debt. A reduction in the interest rate would significantly contribute to my efforts in managing the debt burden responsibly. I understand that any modifications to the original agreement will require mutual consent. Therefore, I kindly request that you review these proposed terms and respond with your approval and any necessary modifications within [specify a reasonable timeframe, e.g., two weeks] from the date of this letter. I believe that this proposed extension will help alleviate the financial stress I am currently experiencing and allow me to fulfill my commitment without defaulting on the debt. To facilitate this agreement, I am open to signing any necessary documents and providing any additional information required to expedite the process. I am committed to a transparent and collaborative approach in resolving this matter amicably. Please find enclosed [if applicable, mention any documents attached such as financial statements or proof of income] to support my request. Should you require any further documentation or have any queries, please do not hesitate to contact me through the provided phone number or email address. I sincerely appreciate your attention to this matter and your consideration of my request. I am confident that by working together, we can reach an agreement that benefits both parties. Furthermore, I eagerly await your positive response in extending the debt payment terms. Thank you for your time and understanding. I look forward to resolving this matter in a mutually agreeable manner. Yours sincerely, [Your Name]
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.