Extension of Payment Date is a process which allows a person or entity to postpone payment of a debt by a set period of time. This type of arrangement is beneficial for both parties as it can give the debtor more time to come up with the money, and the creditor will not have to immediately take legal action. There are two main types of Extension of Payment Date: voluntary and involuntary. A voluntary extension of payment date is one that is requested and agreed upon by both parties. This type of extension is often used when the debtor is unable to make the full payment due on the original date. An involuntary extension of payment date is one that is imposed by the creditor. This type of extension is often used when the creditor is unwilling to take legal action against the debtor. In both cases, the extension of payment date can help to avoid potential financial hardship for both parties. It also helps to prevent the debt from being reported to credit bureaus, which can have a negative impact on the debtor's credit score.
Extension of Payment Date
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How to fill out Extension Of Payment Date?
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