Request of Extension of Time to Repay Debt

Company Letterhead

{{company_name}}

{{company_address}}

Phone: {{phone}}

Email: {{email}}

Website: {{website}}

Date

{{date}}

Creditor Information

{{creditor_name}}

{{creditor_address}}

Subject: Request for Extension of Time to Repay Debt – Account Number {{account_number}}

Salutation

Dear {{creditor_contact_person_name}} or Sir/Madam,

Introduction and Debt Details

This letter serves as a formal request for an extension of the repayment period for the outstanding debt under account number {{account_number}}. The original agreement for this debt was established on {{original_agreement_date}} for the amount of {{original_debt_amount}}.

The current outstanding balance as of {{current_date}} is {{outstanding_balance}}.

Reason for Request

We are experiencing unforeseen financial difficulties that regrettably impact our ability to adhere to the previously agreed-upon repayment schedule. These difficulties are primarily due to {{reason_for_request_details, e.g., unexpected market downturn, temporary cash flow shortages, unforeseen expenses}}.

We believe these circumstances are temporary and are taking active steps to mitigate their impact.

Proposed Repayment Plan

To ensure we meet our obligations, we respectfully propose an extension of the repayment period until {{new_repayment_date}}. During this extended period, we propose to make payments as follows:

• {{proposed_payment_amount}} on or before {{proposed_payment_date_1}}

• {{proposed_payment_amount}} on or before {{proposed_payment_date_2}}

• {{proposed_final_payment_amount}} on or before {{proposed_final_payment_date}}

Alternatively, we are open to discussing other flexible repayment arrangements that may be mutually agreeable.

Commitment and Assurance

We are fully committed to honouring our debt obligations and appreciate your understanding and flexibility in this matter. We believe this proposed extension will allow us to recover from our current challenges and ensure the full repayment of the debt without further complications.

We are available to discuss this request further at your earliest convenience and provide any additional information you may require.

Closing

Thank you for your time and consideration.

Signature Block

Sincerely,

{{your_name}}

{{your_title}}

{{company_name}}