Pennsylvania Sample Letter for Agreement to Extend Debt Payment [Your Name] [Your Address] [City, State, ZIP] [Email Address] [Phone Number] [Date] [Debtor's Name] [Debtor's Address] [City, State, ZIP] Subject: Agreement to Extend Debt Payment — Promissory Note No. [Promissory Note Number] Dear [Debtor's Name], I hope this letter finds you well. I am writing to propose an agreement to extend the debt payment on the outstanding amount owed as per the terms of the Promissory Note No. [Promissory Note Number]. This letter serves as a formal request to modify the original repayment schedule in order to accommodate unforeseen circumstances. Due to the recent financial challenges faced by both parties involved, I am proposing the following terms to extend the repayment period: 1. Revised Payment Schedule: — The original debt payment plan was set to be completed by [Original Maturity Date]. — I propose extending the repayment period by [Extension Period in Months]. — The new estimated completion date of the repayment will be [New Maturity Date]. 2. Updated Monthly Installments: — In order to distribute the outstanding balance evenly throughout the extension period, the monthly installments will be recalculated. — The revised installment amount will be [New Monthly Installment Amount]. 3. Interest Rate: — The interest rate specified in the original agreement will remain unaffected during the extended repayment period. — The revised payment schedule will continue to accrue interest at the rate of [Original Interest Rate]. 4. Payment Procedures: — The established payment method mentioned in the Promissory Note will remain unchanged. — Please ensure that all future payments are made on or before the due date stipulated in the revised payment schedule. 5. Confirmation: — To formalize our agreement, I kindly request your confirmation by signing a copy of this letter. — Please return the signed copy to my address mentioned above or via email at [Your Email Address] before [Deadline for Confirmation]. I believe that this proposed agreement will alleviate the financial strain on both parties while maintaining the integrity of our original commitment. I assure you that I will adhere to the revised payment plan meticulously. Furthermore, I sincerely appreciate your understanding and cooperation in this matter. Should you have any questions or concerns, please do not hesitate to contact me at the provided contact details. I look forward to finalizing this agreement soon and continue our amicable business relationship. Thank you for your prompt attention to this matter. 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.