Oakland Michigan Sample Letter for Agreement to Extend Debt Payment

• Category: Letters - Nonlegal - Agreements
• State: Multi-State
• County: Oakland
• 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] [Recipient's Name] [Recipient's Address] [City, State, ZIP] Subject: Agreement to Extend Debt Payment — [Account Number] Dear [Recipient's Name], I hope this letter finds you well. I am writing to discuss a matter regarding the debt payment associated with my account [Account Number]. Due to unforeseen circumstances and financial constraints, I am unable to make the scheduled payment on [Due Date]. However, I am committed to fulfilling my obligation and propose an extension of the debt payment. I have carefully analyzed my financial situation and believe that I will be able to resume regular payments under the following revised terms: 1. Extension Period: I request an extension of [number of months] months, starting from [new repayment start date], to provide me sufficient time to overcome my current financial difficulties and meet my payment commitments. 2. Modified Repayment Plan: In order to facilitate the debt settlement, I propose the following alternatives: — Option 1: Monthly payment reduction: I kindly request a temporary reduction in the monthly payment amount. The revised monthly payment would be [new payment amount] for the duration of the extension period. — Option 2: Deferred Payment: Alternatively, I request the option to defer the missed payment to the end of the loan term, thereby extending the term by one additional month. The following payments would resume as previously agreed after the deferred payment. 3. Acknowledgment of Arrears: I am aware of the outstanding balance owed and understand that any interest or penalties accrued during the extension period will be added to the remaining balance. I commit to paying off this accumulated amount within the agreed repayment plan. 4. Good Faith Payment: As a show of good faith and commitment to honoring my debt obligations, I am prepared to make an immediate payment of [optional offer, if applicable] as a partial settlement of the arrears. 5. Confirmation of Acceptance: Kindly indicate your acceptance of this proposed debt payment extension by signing and returning a copy of this letter to me. This agreement will serve as a legally binding agreement between both parties. Please note that I am genuinely committed to resolving my financial obligations promptly and value our long-term relationship. I assure you that I will make consistent efforts to improve my financial situation and make timely repayments as agreed upon. Thank you for your understanding and cooperation. I believe that with this extended debt payment agreement, we can find a mutually beneficial solution. Should you have any questions or require further documentation, please do not hesitate to contact me at [your phone number] or [your email address]. I look forward to your prompt response and appreciate your attention to this matter. Yours sincerely, [Your Name]

[Your Name] [Your Address] [City, State, ZIP] [Email Address] [Phone Number] [Date] [Recipient's Name] [Recipient's Address] [City, State, ZIP] Subject: Agreement to Extend Debt Payment — [Account Number] Dear [Recipient's Name], I hope this letter finds you well. I am writing to discuss a matter regarding the debt payment associated with my account [Account Number]. Due to unforeseen circumstances and financial constraints, I am unable to make the scheduled payment on [Due Date]. However, I am committed to fulfilling my obligation and propose an extension of the debt payment. I have carefully analyzed my financial situation and believe that I will be able to resume regular payments under the following revised terms: 1. Extension Period: I request an extension of [number of months] months, starting from [new repayment start date], to provide me sufficient time to overcome my current financial difficulties and meet my payment commitments. 2. Modified Repayment Plan: In order to facilitate the debt settlement, I propose the following alternatives: — Option 1: Monthly payment reduction: I kindly request a temporary reduction in the monthly payment amount. The revised monthly payment would be [new payment amount] for the duration of the extension period. — Option 2: Deferred Payment: Alternatively, I request the option to defer the missed payment to the end of the loan term, thereby extending the term by one additional month. The following payments would resume as previously agreed after the deferred payment. 3. Acknowledgment of Arrears: I am aware of the outstanding balance owed and understand that any interest or penalties accrued during the extension period will be added to the remaining balance. I commit to paying off this accumulated amount within the agreed repayment plan. 4. Good Faith Payment: As a show of good faith and commitment to honoring my debt obligations, I am prepared to make an immediate payment of [optional offer, if applicable] as a partial settlement of the arrears. 5. Confirmation of Acceptance: Kindly indicate your acceptance of this proposed debt payment extension by signing and returning a copy of this letter to me. This agreement will serve as a legally binding agreement between both parties. Please note that I am genuinely committed to resolving my financial obligations promptly and value our long-term relationship. I assure you that I will make consistent efforts to improve my financial situation and make timely repayments as agreed upon. Thank you for your understanding and cooperation. I believe that with this extended debt payment agreement, we can find a mutually beneficial solution. Should you have any questions or require further documentation, please do not hesitate to contact me at [your phone number] or [your email address]. I look forward to your prompt response and appreciate your attention to this matter. Yours sincerely, [Your Name]