Letter Agreement on Repayment Schedule

Letterhead

{{company_name}}

{{company_address}}

Phone: {{phone}}

Email: {{email}}

Website: {{website}}

Date and Reference

Date: {{date}}

Our Ref: {{our_reference}}

Debtor Information

Attn: {{debtor_name}}

{{debtor_address}}

Subject: Revised Repayment Schedule for Outstanding Debt

Dear {{debtor_name}},

This letter serves to formalize the agreement reached between {{company_name}} (hereinafter referred to as 'the Creditor') and {{debtor_name}} (hereinafter referred to as 'the Debtor') regarding the outstanding debt of {{currency}} {{original_debt_amount}} (hereinafter referred to as 'the Original Debt') incurred on {{original_debt_date}}.

Background

The Debtor acknowledges the outstanding balance of the Original Debt and has communicated an inability to adhere to the previously agreed repayment terms. Following discussions, both parties have mutually agreed to a revised repayment schedule to facilitate the settlement of the outstanding amount.

Revised Repayment Schedule

The Debtor agrees to repay the outstanding balance of {{currency}} {{outstanding_debt_amount}} in {{number_of_installments}} ({{number_of_installments_word}}) monthly installments of {{currency}} {{installment_amount}} each. The first installment shall be due on {{first_installment_date}}, and subsequent installments shall be due on the {{day_of_month}} day of each succeeding month until the full amount is repaid. The final payment shall be made on or before {{final_payment_date}}.

A detailed breakdown of the repayment schedule is attached as Schedule A to this agreement.

Interest and Penalties

It is agreed that no additional interest or penalties will be levied on the outstanding debt during the period of this revised repayment schedule, provided the Debtor adheres strictly to the terms herein. Should the Debtor default on any payment under this revised schedule, the Creditor reserves the right to revert to the original terms and conditions of the debt, including the application of any previously agreed upon interest rates and penalties from the date of default.

Governing Law

This Agreement shall be governed by and construed in accordance with the laws of {{country}}.

Acknowledgement and Acceptance

By signing below, the Debtor acknowledges and accepts the terms and conditions of this revised repayment schedule. This agreement supersedes any prior oral or written agreements or understandings between the parties relating to the repayment of the Original Debt, except as expressly stated herein.

Signatures

Creditor:

_____________________________

{{creditor_authorized_signatory_name}}

{{creditor_title}}

Date: {{creditor_signature_date}}

Debtor:

_____________________________

{{debtor_name}}

Date: {{debtor_signature_date}}