Mecklenburg North Carolina Sample Letter for Agreement to Extend Debt Payment

• Category: Letters - Nonlegal - Agreements
• State: Multi-State
• County: Mecklenburg
• 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. [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 Dear [Debtor's Name], I am writing to you regarding our previous discussions about the outstanding debt owed to me. This agreement letter serves as a formal request to extend the debt payment terms to facilitate a mutually agreeable resolution. As you are aware, the debt in question stems from [state the reason for the debt, e.g., a personal loan provided to you on [date]] in the amount of $[debt amount]. The original repayment plan required the full debt amount to be paid in installments over a specific duration. However, due to unforeseen circumstances that have impacted both parties, I am proposing the extension of the original debt payment plan. By making this proposition, I aim to promote an amicable solution that will help both of us fulfill our respective financial obligations without compromising our relationship. The proposed extension plan entails the following terms: 1. New Repayment Schedule: — The existing repayment schedule will be modified as follows: [specify the new dates and amounts to be paid]. — This new schedule allows for a longer duration to settle the remaining balance while ensuring regular repayments. 2. Interest and Penalties: — As a gesture of goodwill, no additional interest or penalties will be applied to the outstanding balance during the extension period. — However, it should be noted that the interest and penalty terms mentioned in the original agreement will remain valid after the extended duration if the debt remains unpaid. 3. Confirmation and Consent: — This agreement will come into effect upon receiving your signed confirmation, indicating your acceptance of the proposed repayment plan. — Please review the terms presented in this letter carefully. If any changes or clarifications are required, kindly contact me at [provide your contact information] within ten (10) business days. 4. Full Settlement Option: — Although this extension is aimed at helping you manage the financial burden, you still have the option to settle the remaining balance in full at any point during the extension period. 5. Legal Implications: — Should any difficulties arise in adhering to the new repayment schedule or if you fail to comply with the agreed-upon terms, legal actions, and collection activities may be pursued. Please take the time to carefully consider this proposal to extend the debt payment terms. Once you have reviewed and agreed to these terms, please sign the enclosed copy of this letter and return it to me via email or regular mail by [deadline, typically within 14 days from the date of this letter]. Thank you for your attention to this matter. I believe that reaching this agreement will alleviate financial stress for both of us, allowing us to move forward positively. If you have any questions or require further clarification, please do not hesitate to contact me at your earliest convenience. Yours sincerely, [Your Name]

[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 Dear [Debtor's Name], I am writing to you regarding our previous discussions about the outstanding debt owed to me. This agreement letter serves as a formal request to extend the debt payment terms to facilitate a mutually agreeable resolution. As you are aware, the debt in question stems from [state the reason for the debt, e.g., a personal loan provided to you on [date]] in the amount of $[debt amount]. The original repayment plan required the full debt amount to be paid in installments over a specific duration. However, due to unforeseen circumstances that have impacted both parties, I am proposing the extension of the original debt payment plan. By making this proposition, I aim to promote an amicable solution that will help both of us fulfill our respective financial obligations without compromising our relationship. The proposed extension plan entails the following terms: 1. New Repayment Schedule: — The existing repayment schedule will be modified as follows: [specify the new dates and amounts to be paid]. — This new schedule allows for a longer duration to settle the remaining balance while ensuring regular repayments. 2. Interest and Penalties: — As a gesture of goodwill, no additional interest or penalties will be applied to the outstanding balance during the extension period. — However, it should be noted that the interest and penalty terms mentioned in the original agreement will remain valid after the extended duration if the debt remains unpaid. 3. Confirmation and Consent: — This agreement will come into effect upon receiving your signed confirmation, indicating your acceptance of the proposed repayment plan. — Please review the terms presented in this letter carefully. If any changes or clarifications are required, kindly contact me at [provide your contact information] within ten (10) business days. 4. Full Settlement Option: — Although this extension is aimed at helping you manage the financial burden, you still have the option to settle the remaining balance in full at any point during the extension period. 5. Legal Implications: — Should any difficulties arise in adhering to the new repayment schedule or if you fail to comply with the agreed-upon terms, legal actions, and collection activities may be pursued. Please take the time to carefully consider this proposal to extend the debt payment terms. Once you have reviewed and agreed to these terms, please sign the enclosed copy of this letter and return it to me via email or regular mail by [deadline, typically within 14 days from the date of this letter]. Thank you for your attention to this matter. I believe that reaching this agreement will alleviate financial stress for both of us, allowing us to move forward positively. If you have any questions or require further clarification, please do not hesitate to contact me at your earliest convenience. Yours sincerely, [Your Name]