Agreement To Extend Debt Payment - Free Collection Letter Example
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This sample collection letter, titled 'Agreement To Extend Debt Payment' is free for you to use. This sample collection letter is designed to be used when a debtor has already received past-due notices and has not responded with payment. You can cut, copy, paste, fill in the blanks and send this sample collection letter out to your debtors.
The Sample Collection Letter Agreement To Extend Debt Payment
Dear ___________,
FOR VALUE RECEIVED, the undersigned, _ [Creditor] and _[Company], hereby acknowledge and agree that:
1. The Company presently owes the Creditor the sum of $_, said sum being presently due and payable.
2. In further consideration of the Creditor's forbearance, the Company agrees to pay said debt on extended terms in the manner following:
(Enter in the terms here)
3. In the event the Company fails to make any payments punctually on the agreed extended terms, the Creditor shall have full rights to proceed for the collection of the entire balance then remaining.
4. This agreement shall be binding upon and inure to the benefit of the parties, their successors, assigns and personal representatives. Signed under seal this _ day of _, 20_.
___________________________ Creditor
___________________________ Company
Sincerely,
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