Dear [Lender's Name], I hope this letter finds you in good health. I am writing to request a reasonable extension of time on the promissory note signed with your esteemed institution. As per the terms of our agreement, the payment of [amount] was due on [date]; however, due to unforeseen financial circumstances, I am unable to fulfill this commitment on time. I trust that you understand that financial constraints can arise unexpectedly, and unfortunately, I find myself in such a situation. [Explain the reasons for the financial hardship briefly and concisely]. This has affected my ability to make the scheduled payment within the stipulated timeframe. I assure you that this is not an attempt to shirk my responsibilities, but rather a genuine request for your understanding and flexibility. I have always upheld my financial obligations and have previously made consistent and timely payments. It is my utmost intention to honor this agreement, but I am currently unable to meet the given deadline. Having carefully reviewed my financial situation, I am confident that an extension of [number of days/weeks] would provide me with the necessary time to arrange the required funds and fulfill my obligation to your institution. I kindly request that you consider granting me this extension, thereby allowing me to repay the loan in accordance with the revised schedule. To ensure transparency, I have attached a revised payment plan detailing how I intend to repay the loan in installments within the agreed-upon extension period. I have taken into account my financial capabilities and have devised this plan to reflect a reasonable repayment schedule that aligns with my income inflow. I understand that additional interest and charges may be applied due to the extension, and I am willing to bear these financial implications for this situation. Please notify me of any specific terms or conditions that I need to meet for the extension to be granted. I value our working relationship and hope that we can find a mutually beneficial solution to this temporary setback. I truly appreciate your consideration and your institution's willingness to work with me during this time of financial difficulty. Thank you for your attention to this matter. I look forward to a favorable response from your end. Should you require any further information or documentation, please do not hesitate to contact me at [your contact information]. You're understanding and cooperation are greatly appreciated. Yours sincerely, [Your Name] [Your Contact Information]
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.