Pennsylvania Sample Letter for Agreement to Extend Debt Payment

• Category: Letters - Nonlegal - Agreements
• State: Multi-State
• Control #: US-0052LR
• Format: Word; Rich Text

Description

This form is a sample letter in Word format covering the subject matter of the title of the form. 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]

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]