Dear [Creditor's Name], I hope this letter finds you well. I am writing to discuss the possibility of extending the debt payment agreement for the outstanding balance on my account. It has come to my attention that due to unforeseen circumstances, I am facing financial difficulties temporarily which have made it difficult for me to meet the current payment schedule. California Sample Letter for Agreement to Extend Debt Payment: [Type 1: Friendly Tone] Dear [Creditor's Name], I hope this letter finds you in good health. I am writing to discuss the possibility of extending the debt payment agreement for the outstanding balance on my account. The recent economic downturn has affected my financial stability, making it difficult for me to follow the original payment schedule. I believe that with a temporary extension, I will be able to honor the commitment and settle my debt responsibly. [Type 2: Professional Tone] Subject: Request for an Extension to Debt Payment Agreement Dear [Creditor's Name], I trust this letter finds you well. I am writing to formally request an extension to the debt payment agreement for the outstanding balance on my account, as agreed upon [mention previous agreement details such as the date]. Due to unexpected financial challenges, I have been facing difficulties in meeting the financial obligations specified in the initial agreement. [Type 3: Assertive Tone] Date: [Enter Date] Dear [Creditor's Name], I write to you today to address the issue of the debt payment agreement currently in place for my account with your company. Due to an unforeseen circumstance, I have encountered significant financial hardship, rendering me unable to fulfill the existing payment plan. With this letter, I am proposing an extension to the agreed-upon debt payment schedule, which will provide me with a reasonable opportunity to overcome my current financial setback and fulfill my obligations. In order to rectify this situation, I am kindly requesting that you consider granting me an extension by [state the proposed duration, e.g., 60 days]. This extra time will enable me to stabilize my financial situation, generate the necessary funds, and rectify my debt in full accordance with our agreement. I assure you that I am fully committed to resolving this matter as promptly as possible and in good faith. I recognize the importance of fulfilling my financial obligations and appreciate your understanding and assistance during this challenging time. Please respond in writing regarding your decision upon receiving this letter. I'm hopeful that you will consider my request and work with me to find a suitable resolution that benefits both parties. Thank you for your attention to this matter. I look forward to hearing from you soon. Sincerely, [Your Name] [Account Number] Keywords: California, sample letter, agreement, extend, debt payment, creditor, outstanding balance, financial difficulties, temporary extension, settlement, financial stability, economic downturn, unforeseen circumstances, account, request, formal, financial obligations, assertive tone, rectify, financial situation, good faith, suitable resolution.
California Sample Letter for Agreement to Extend Debt Payment
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How to fill out California Sample Letter For Agreement To Extend Debt Payment?
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The payment agreement should include:Creditor's Name and Address;Debtor's Name and Address;Acknowledgment of the Balance Owed;Amount Owed;Interest Rate (if any);Repayment Period;Payment Instructions;Late Payment (if any); and.More items...?
Your debt settlement proposal letter should contain the following:Your current financial situation.Debt settlement offer.Personal information.What you expect in return.Acceptance of the proposal.Acceptance of the proposal upon adjusting (negotiating) the amount to be paid.Rejection of the proposal.
The language can be as simple as: In order to settle this matter amicably, I offer you the sum of amount (inclusive of interests and costs) as the full and final settlement of the above claim/debt.
What percentage should I offer a full and final settlement? It depends on what you can afford, but you should offer equal amounts to each creditor as a full and final settlement. For example, if the lump sum you have is 75% of your total debt, you should offer each creditor 75% of the amount you owe them.
Just include the conditions of the loan, the interest rate, the parties involved, and when the money is due. You could even just find a sample payment agreement online and use that as a template.
Contents of a Debt Settlement AgreementDate of the agreement.Name and address of the creditor.Name and address of the debtor.Original loan amount and its date.Rate of interest.Due date of the loan.Final settlement amount.Signatures of both parties.More items...?
Offer a specific dollar amount that is roughly 30% of your outstanding account balance. The lender will probably counter with a higher percentage or dollar amount. If anything above 50% is suggested, consider trying to settle with a different creditor or simply put the money in savings to help pay future monthly bills.
Here are the steps to write a letter of agreement:Title the document. Add the title at the top of the document.List your personal information.Include the date.Add the recipient's personal information.Address the recipient.Write an introduction paragraph.Write your body.Conclude the letter.More items...?
A Payment Agreement is a contract to repay a loan. A Payment Agreement document will give you the opportunity to specify terms such as the number of payments, frequency of installments, due date of first payment, and more.
If you've come to an agreement with a creditor to settle an outstanding debt, you'll need to draft a debt settlement agreement. This is a written agreement that outlines who owes the debt (you), who the lender is, the amount of the debt, the total amount of debt that will be forgiven, and the terms of repayment.
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