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Debt Repayment Date Extension Agreement Template
£29.99
A Debt Repayment Date Extension Agreement template is a formal document between a creditor and a debtor that extends the deadline for repayment of a debt. It outlines the terms and conditions of the extension, including any revised payment schedule, interest rates, and penalties. Keywords: Debt Repayment Date Extension Agreement, creditor, debtor, debt extension, repayment terms.
What it is:
The Debt Repayment Date Extension Agreement template is a legal document that formalizes the agreement between a creditor (lender) and a debtor (borrower) to extend the deadline for repaying a debt. It amends the original loan agreement to accommodate the extended repayment period.
When it is used:
This template is used when a debtor is unable to meet the original repayment deadline and requests an extension from the creditor. It is common in situations where unforeseen circumstances, such as financial difficulties or changes in income, prevent the debtor from fulfilling their repayment obligations on time.
By whom:
The Debt Repayment Date Extension Agreement is prepared and executed by both parties involved: the creditor and the debtor. Legal advisors or representatives from both sides may negotiate and finalize the terms of the agreement to ensure mutual agreement and compliance with applicable laws.
Legal base:
The legal basis for a Debt Repayment Date Extension Agreement is grounded in contract law and the original loan agreement between the creditor and debtor. It amends the terms of the original agreement to reflect the new repayment deadline, interest rates, and any other relevant terms and conditions.
Potential fines and situations when they may be imposed:
Failure to comply with the terms of a Debt Repayment Date Extension Agreement can lead to various consequences, including additional interest charges, penalties, legal action, and damage to the debtor’s credit score. If the debtor fails to adhere to the revised repayment schedule or defaults on the extended debt, the creditor may pursue legal remedies to recover the outstanding amount, such as initiating debt collection proceedings or filing a lawsuit. Implementing and adhering to a Debt Repayment Date Extension Agreement helps both parties formalize the extension terms, mitigate risks, and preserve their rights under the original loan agreement.
The Debt Repayment Date Extension Agreement template serves as a flexible form applicable across various situations. Delivered in Microsoft Word, it is crafted in straightforward language for effortless utilization and modification.
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