11:53 pm - Friday September 19, 2014

3 Best Agreement to Extend Debt Payment Letter Samples and Form

Agreement to Extend Debt Payment

[Your company name]
[Your company address:
Street
City, State, Zip]
Date:
[Name]
[Address:
Street
City, State, Zip]
Dear [Mr./Ms ...],

FOR VALUE RECEIVED, the undersigned _____________ (creditor) and _________ (company), hereby acknowledge and consent to extend payment terms as follows:
In consideration of the undersigned’s forbearance, the company agrees to pay the full and total amount of debt, the sum of $______, on extended terms in the manner of ____________________________________. 2. The parties agree that the undersigned shall accept $____________ as full payment of the debt, provided the sum herein shall be paid on time in the following manner: ___________________________________,
___________________________________.

3. In the event the company fails to pay the full amount of the debt by said time, the creditor will have full rights to proceed for the collection of any unpaid balance of the debt.

All benefits of said agreement shall be binding upon the parties, their successors and assigns in its entirety.
Date: _______________________.

Creditor’s signature: _______________________.

Company’s signature: _______________________.

Sincerely,

[Name],

[Title]

[Signature]

Source

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Sample Letter for Agreement to Extend Debt Payment template

Sample Letter for Agreement to Extend Debt Payment template

Source

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Agreement Form to extend debt payment

THIS AGREEMENT is made the [Enter Day] day of [Enter Month] year [Enter Year]

BETWEEN:

(1) [Enter Customer\'s Name] of [Enter Customer\'s Address] (the “Customer”); and

(2) [Enter Creditor\'s Name] of [Enter Creditor\'s Address] (the “Creditor”).

WHEREAS:

(A) The Customer and the Creditor acknowledge that the Customer is indebted to the Creditor in the sum of £[Enter Amount of Debt] (the “Debt”), which sum is now due and payable.

(B) The Creditor agrees to extend the term for payment of the Debt.

NOW IT IS HEREBY AGREED as follows:

1. The Creditor agrees to the payment of the Debt on extended terms, together with interest on the unpaid balance at the rate of [Enter Interest Rate] % per annum, payable in the following manner: [Enter Payment Details]

2. The Customer agrees to pay the Debt to the Creditor together with interest thereon under the terms set out in paragraph 1.

3. In the event that the Customer shall fail to make any payment on the due date, the Creditor shall have full rights to collect the entire balance then remaining which amount shall be immediately due and payable.

4. In the event of default, the Customer agrees to pay all reasonable solicitors’ fees and costs of collection.

5. At the election of the Creditor, the Customer agrees to execute note(s) evidencing the balance then due on terms consistent with this agreement.

6. This agreement shall be binding upon and inure to the benefit of the parties, their successors and assigns.

IN WITNESS OF WHICH the parties have signed this agreement the day and year first above written

(Individual) (Company)
 

 

____________________________
Signed by the Customer

____________________________
in the presence of (witness)

Signed for and on behalf of
____________________________ Ltd

____________________________
Director

____________________________
Director/Secretary

Name __________________  
Address __________________
__________________
__________________
 
Occupation __________________  

 

(Individual) (Company)
 

 

____________________________
Signed by or on behalf of the Creditor

____________________________
in the presence of (witness)

Signed for and on behalf of
____________________________ Ltd

____________________________
Director

____________________________
Director/Secretary

Name __________________  
Address __________________
__________________
__________________
 
Occupation __________________  

Source

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