[Your Name] [Your Address] [City, State, ZIP Code] [Email Address] [Phone Number] [Date] [Recipient's Name] [Recipient's Address] [City, State, ZIP Code] Subject: Request for Extension of Time on Promissory Note — [Loan Agreement Number] Dear [Recipient's Name], I hope this letter finds you in good health and high spirits. I am writing to formally request an extension of time on the promissory note I have with [Lender's Name] for the loan amount of [Loan Amount]. As a responsible borrower, I understand the importance of fulfilling my financial obligations in a timely manner, but due to unforeseen circumstances, I am unable to meet the current deadline of [Original Due Date]. I regret to inform you that I am facing temporary financial difficulties caused by [briefly explain the reasons such as loss of employment, medical emergency, familial obligations, business setbacks, etc.]. These challenges, which are beyond my control, have impacted my ability to repay the loan according to the agreed terms. Given the circumstances, I would greatly appreciate your understanding and cooperation in granting me an extension of [Extension Duration]. This additional time will enable me to stabilize my financial situation and ensure that I can fulfill my promise to repay the loan amount in full. To demonstrate my commitment to honoring this debt, I would like to propose the following alternative arrangements: 1. Extended Repayment Schedule: I request the extension of the loan term by [Extension Duration] months to provide me with ample time to make the necessary payments without jeopardizing my financial stability. 2. Revised Repayment Plan: If possible, I kindly request a reassessment of the repayment plan to accommodate my current financial capabilities. This may include lowering the monthly installment or adjusting the interest rate to ensure my affordability in repaying the loan. 3. Partial Payment: If expanding the loan term or modifying the repayment plan is not feasible, I am willing to make a partial payment of [Partial Payment Amount]. Although it may not settle the entire outstanding amount, it demonstrates my willingness to fulfill my obligations and mitigate any further delays. I assure you that this extension request is not a reflection of my willingness to repay my debts but is solely based on the temporary financial challenges I am currently facing. I value the relationship we have built thus far and sincerely intend to honor my commitment as soon as my circumstances improve. Furthermore, I kindly request your prompt attention to this matter and would be grateful for a written confirmation of the extension granted and any revised terms that need to be agreed upon. Please provide me with the necessary documentation to formalize this extension. Thank you very much for your time and understanding. I am confident that together we can find a solution that benefits both parties involved. In the meantime, please feel free to contact me at the provided phone number or email address to discuss further details. Yours sincerely, [Your Name]