Dear [Name of Lender], I hope this letter finds you in good health and high spirits. I am writing to discuss an important matter regarding the promissory note that I have with your esteemed institution. It has come to my attention that due to unforeseen circumstances, I may not be able to meet the agreed-upon repayment schedule. As a responsible borrower, I understand the significance of honoring my financial obligations. However, I am currently experiencing temporary financial difficulties that prevent me from meeting the payment deadline on [Date]. Given the situation, I humbly request an extension of [number of days/weeks/months] for the repayment of my promissory note. I assure you that this extension is in no way an attempt to avoid my responsibilities, but rather a temporary measure to ensure that I am able to fulfill my obligations without causing further financial strain. The reason behind my request can be attributed to [explain your situation briefly — job loss, medical emergency, unexpected expenses, etc.]. These circumstances have resulted in an unfavorable financial situation, leaving me incapable of making the payment within the stipulated time frame. I want to emphasize that I have a strong commitment to repaying my debts in full. Therefore, I propose [alternative repayment terms or schedule] to gradually settle the outstanding balance, which will ensure repayment within an extended timeframe. Please consider that I have maintained a good credit history with your institution, reflecting my dedication and responsibility towards meeting my financial obligations. I have attached supporting documents, including [relevant documents to reinforce your request: proof of job loss, medical bills, etc.] for your perusal. I kindly request that you review and consider my request for an extension of time on my promissory note thoroughly. Furthermore, I am confident that once my current financial situation stabilizes, I will be able to resume regular payments in accordance with our initial agreement. Furthermore, I understand that you may need some time to assess my request. Therefore, I kindly appeal to you to communicate your decision at your earliest convenience. You're understanding and cooperation in this matter are of utmost importance to me, as it will greatly help ease my current financial burden. Thank you for your attention to this matter. I look forward to a favorable response from you soon. Sincerely, [Your Full Name] [Your Address] [City, State, ZIP Code] [Phone Number] [Email Address]
Kansas Sample Letter for Request for Extension of Time on Promissory Note
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FAQ
A promissory note extension is a legal document allowing an extension on the borrower's period in paying back a loan. For example, if a borrower has problems paying back their loan, or if the lender is asking for less time to repay it, the borrower can request an extension of their promissory notes.
While the statute of limitations on an action in an obligation, liability, or contract is four years, Commercial Code Section 3118(a) gives a statute of limitations of six years for an action to be enforced on the party to pay their promissory note. This time period starts from the due date that's listed on the note.
How to Write a Promissory NoteDate.Name of the lender and borrower.Loan amount.Whether the loan is secured or unsecured. If it's secured with collateral: What is the collateral?Payment amount and frequency.Payment due date.Whether the loan has a cosigner, and if so, who.
What Happens When a Promissory Note Is Not Paid? Promissory notes are legally binding documents. Someone who fails to repay a loan detailed in a promissory note can lose an asset that secures the loan, such as a home, or face other actions.
Days of grace. Every promissory note or bill of exchange which is not expressed to be payable on demand, at sight or on presentment is at maturity on the third day after the day on which it is expressed to be payable.
How to Modify a Promissory NoteIdentify the terms of the note that are creating difficulty in repayment.Communicate your need to modify the terms of the note to the note holder.Have the holder of the note draft modifications to the original note.Sign and notarize the modified promissory note.
Even if you have the original note, it may be void if it was not written correctly. If the person you're trying to collect from didn't sign it and yes, this happens the note is void. It may also become void if it failed some other law, for example, if it was charging an illegally high rate of interest.
While the statute of limitations on an action in an obligation, liability, or contract is four years, Commercial Code Section 3118(a) gives a statute of limitations of six years for an action to be enforced on the party to pay their promissory note.
Amending a promissory note is a legal process by which parties can denote changes to the original contract and continue with the terms of the agreement as set forth. Canceling a promissory note is a process that will lead the note to become null and void.
Depending on which state you live in, the statute of limitations with regard to promissory notes can vary from three to 15 years. Once the statute of limitations has ended, a creditor can no longer file a lawsuit related to the unpaid promissory note.
