Florida 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.

[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 hope this letter finds you in good health and high spirits. This letter serves as a mutual agreement to extend the payment of the outstanding debt between us, as previously agreed upon. As you may recall, we entered into a debt repayment plan on [initial agreement date], wherein you committed to making regular payments towards the outstanding amount of [insert debt amount]. However, due to unforeseen circumstances or unexpected financial constraints, it has become necessary for us to modify our existing agreement to better accommodate your current situation and ensure your commitment towards resolving the debt. After thorough consideration of your request and a genuine understanding of your financial hardships, I am willing to offer you an extension for the payment of the debt. This extension will allow you to make the pending payment(s) in installments over an agreed-upon period. This alleviates the immediate financial burden for you while ensuring the timely repayment of the debt. The modified terms of the repayment agreement are as follows: 1. The original outstanding amount of [insert debt amount] will now be divided into monthly installments of [insert installment amount]. The exact number of installments will be determined based on your financial capabilities and subject to our mutual agreement. 2. The first installment will be due on [insert due date], and subsequent installments will be due on the same day of each month until the final installment is paid. 3. An additional extension fee of [insert fee amount] will be added to the outstanding balance to account for the extended repayment period and the administrative costs involved. 4. It is vital that you honor each installment payment on time. Failure to do so may result in additional fees and penalties as outlined in the initial agreement. Kindly note that the terms mentioned above are open to negotiation to accommodate any exceptional circumstances that you may bring to my attention. However, any modifications must be agreed upon by both parties in writing to ensure clarity and avoid any misunderstandings. To proceed with this modified agreement, kindly sign and return a copy of this letter as an acceptance of the revised terms. Upon receiving your acceptance, I will prepare an official agreement document for both parties to sign, which will serve as a legal confirmation of our commitment to the extended debt repayment terms. I trust that this mutual agreement will provide you with the necessary financial relief while ensuring the resolution of the outstanding debt in an amicable manner. Should you have any questions or require further clarification regarding the terms mentioned in this letter, please do not hesitate to contact me at [phone number] or via email at [email address]. Thank you for your cooperation and prompt attention to this matter. I remain hopeful that together we can reach a viable solution and alleviate any financial burden you may be facing. Yours sincerely, [Your Name] [Your Signature] Enclosure: Agreement Acceptance.