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Last revision: 20/11/2023
Available formats: Word and PDF
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This letter is sent by a debtor to request an extension of time for them to pay the debt they owe. The debtor is any individual or company that owes money, while the creditor is the party to whom money is owed.
The Loan Agreement, Promissory Note, or other document may state the precise date for repayment but due to some unfortunate and unforeseen circumstance, the debtor may be unable to satisfy their loan obligations on time. As a result, a debtor can use this letter to request extra time to repay their debt.
The debtor should use this document if the due date for the repayment is either approaching or elapsed. Note that this letter may be a suitable response to a Monetary Demand Letter.
How to use this document
The form filler should provide the full names and addresses of the debtor and creditor, the amount the debtor owes the creditor, the date the debt will be due for payment, and the date the debtor would like to repay the debt.
After completing this document, it should be printed and signed by the debtor. After this, the letter should be delivered either in letter form or via email to the recipient. The debtor should keep at least one copy for record purposes.
There is no specific law that regulates this document. However, the Money Lender Act and Money Lender Laws of the various states in Nigeria regulate loan transactions in Nigeria.
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