Oregon 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.

Dear [Creditor's Name], I am writing this letter to propose an agreement to extend the debt payment for the outstanding amount of [total debt owed]. I am [your name], the debtor, and I acknowledge my responsibility to clear this debt as promptly as possible. However, due to my current financial circumstances, I am finding it difficult to meet the original payment terms. I reside in the beautiful state of Oregon, and as an Oregonian, I am aware of the legal provisions that allow for negotiations to extend debt payment agreements. Under Oregon law, there is a provision for both informal and formal agreements. These agreements can be reached through direct communication or with the assistance of a debt settlement agency. However, for the purpose of this letter, I would like to propose a more informal agreement. I propose extending the debt payment plan by [number of months/years] to facilitate a more realistic and manageable repayment schedule. Although I am unable to make the full payment at this time, it is important to emphasize my commitment to clearing this outstanding debt. I firmly believe that by extending the payment period, it will enable me to regain financial stability and fulfill my obligations. During the extended repayment period, I propose to make monthly payments of [proposed monthly payment amount]. This amount reflects a careful assessment of my current financial situation, taking into account my income, essential living expenses, and other financial commitments. By adhering to this revised payment plan, I am confident that I can gradually eliminate the outstanding balance. In order to formalize this agreement, I kindly request your cooperation in preparing a written document outlining the revised terms. This written agreement will serve as a clear understanding between both parties and ensure transparency throughout the repayment period. It should specifically include details such as the extended payment timeline, the revised monthly payment amount, any applicable interest rates, and any penalties for missed or delayed payments. I would also appreciate your understanding and consideration in waiving any additional fees, penalties, or interest charges that may have accrued during the financial hardship I have faced. By eliminating these extra charges, it would allow me to focus solely on repaying the original debt amount without further financial burden. To express my sincere commitment to honoring this agreement, I am willing to provide post-dated checks or authorize automatic monthly debits from my bank account, whichever option is more convenient for you. This will ensure timely payments are made without any delays. I kindly request you to acknowledge this proposal in writing as soon as possible. Should you require any additional documentation or information to finalize this agreement, please do not hesitate to contact me. I am dedicated to resolving this debt in a mutually beneficial manner and appreciate your willingness to consider my request. Thank you for your understanding and willingness to work with me during this difficult financial period. I look forward to reaching a fair and amicable agreement that allows me to fulfill my financial obligations. Sincerely, [Your Name] [Your Contact Information]