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This document is a letter formally requesting the extension of a loan which can be used by a party to a loan agreement to ask the lender to change the date on which the loan is to be fully repaid. As a general practice, loan agreements will often state the method with which the loan can be extended, usually by either party (most likely the borrower) initiating a formal request to have the loan extended. This document serves that purpose, as it counts as a written notice used to request that the other party agree to an extension of the loan repayment date contained in the loan agreement.
The document has been created in from the standpoint that there have been unforeseen circumstances which have affected the borrower's ability to pay back the loan at the stipulated time. The sender also has the opportunity to state till what time they will like the loan repayment to be extended. Upon reception of this letter, the receiving party (the lender) will have to write back to the sender informing whether they have agreed to extend the loan or not, or whether they have agreed to extend the loan but to a different date.
This document has been drafted in a general format so that it can be used where the loan is a cosumer loan or a commercial loan.
This document can be used across all juridisctions of the United Kingdom.
How to use this document
This letter will guide the user through inputting details in a letter requesting the extension of a loan.
The template provides information such as the name and address of the parties to the loan agreement, the particular clause in the loan agreement that permits a request for loan extension, the sender's reason for requesting the loan extension.
The sender filling out this template should try to be as detailed as possible when outlining the reason for the loan extension request and the timeframe within which they expect to be able to fully repay the loan. A detailed explanation of the reasons and circumstances causing the difficulty in repaying the laon at the original timeline provided in the loan agreement would prove beneficial to the success of the sender's request.
When this letter template has been filled out, it should be printed and signed by the sender. If the sender is a corporate entity, this letter should be signed by the person within the corporate entity's organisation with the authority to act on its behalf. Similarly, if the recipient of the letter is a corporate entity, then the letter should be addressed to the recipient's authorised person. This will be the contact person who signed the loan agreement on behalf of the recipient.
Consumer Credit Act 1975
Help from a lawyer
You can choose to consult a lawyer if you need help.
The lawyer can answer your questions or help you through the process. You will be offered this option when you complete the document.
How to modify the template
You fill out a form. The document is created before your eyes as you respond to the questions.
At the end, you receive it in Word and PDF formats. You can modify it and reuse it.