Sample Letter for Request for Extension of Time on Promissory Note
Understanding the Sample Letter for Request for Extension of Time on Promissory Note
A sample letter for a request for extension of time on a promissory note is a formal communication sent by a borrower to a lender. This letter is used when the borrower cannot meet the original payment deadline and needs more time to fulfill their obligations. It is important to use this document when unexpected circumstances, such as job loss or medical issues, hinder timely payments.
How to Complete the Letter
When drafting your letter, follow these key steps:
- Start with your name and address at the top.
- Include the date of the letter.
- Address the letter to the lender or company, including their name and address.
- Clearly state the purpose of the letter in the subject line.
- In the body, explain your situation briefly and respectfully request the extension.
- Offer reassurance by indicating your plan to make overdue payments.
- Sign off with your name.
Who Should Use This Letter
This letter is particularly useful for individuals who:
- Are facing temporary financial difficulties but wish to honor their debts.
- Have had recent life changes, such as unemployment or unexpected expenses.
- Want to maintain a good relationship with their lender by proactively communicating their needs.
What Documents You May Need Alongside This Letter
When submitting your request, you may need to include supporting documentation to strengthen your case. This might include:
- Proof of income from your new job.
- Documentation of previous employment.
- Bank statements showing your financial status.
- Any other relevant papers that illustrate your current financial predicament.
Form popularity
FAQ
Use formal and polite language. Give date expecting to return. Be brief about the reason for the extension. Express your gratitude in advance. Apologize for the inconvenience.
I hereby affix my signature to this agreement. Done this _____ Day of _________ 20____. To whom it may concern, This is to express in writing my inability to pay on time the amount due for my tuition fees amounting to P____________________.
Use formal and polite language. Give date expecting to return. Be brief about the reason for the extension. Express your gratitude in advance. Apologize for the inconvenience.
Be upfront about it. Image via Complex Original. Be emotional about it. Image via Complex Original. Don't ask for a long extension. Image via Complex Original. Be specific in your reasoning. Reach to your professor's heart. Ask in person whenever possible. Offer a solution, not an excuse. Something unexpected happened.
Your company name and address. recipient's name and address. today's date. a clear reference and/or any account reference numbers. the amount outstanding. original payment due date. a brief explanation that no payment has been received.
Due to an unexpected emergency that has occurred, I will be unable to make this payment by the date I am requesting an extension of time to make this payment. If you review my file, I believe you will find that my payments have generally been made in a timely fashion.
Step 1: Come to terms with the fact that it's not getting done on time. Step 2: Write it out. Step 3: Explain, but don't give too many excuses. Step 4: Set (or negotiate) a new due date.
The request for extension should be made up to two months from the schedule due date of payment of fee. There should not be any dues pending for the previous term(s). For this the parent of the student should send an application (as per annexure-I) citing the reason for extension in payment of fee.
Use formal and polite language. Give date expecting to return. Be brief about the reason for the extension. Express your gratitude in advance. Apologize for the inconvenience.
