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Formal Request to Extend Loan - Template, Sample Form Pro · UK-law

✓ Valid in United Kingdom · drafted to comply with local law

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Formal Request to Extend Loan - Template, Sample Form
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Dear ________,

RE: FORMAL REQUEST TO EXTEND THE REPAYMENT TERM OF LOAN DATED ________

I, ________ of ________ (the “Borrower”), write to you, ________ of ________ (the “Lender”), to make a formal request for an extension of the repayment term of the loan advanced to me under the terms of a loan agreement entered into between us and dated ________ (the “Loan Agreement”).

1. The Loan

1.1 Under the Loan Agreement, you advanced to me the principal sum of ________, together with interest charged at the rate of ________ per annum.

1.2 The original term of the loan was for ________, with the final repayment originally due on ________.

1.3 As at the date of this letter, the outstanding sum remaining due under the Loan Agreement (comprising principal and accrued interest) is ________, and the loan has not yet been repaid in full.

2. Request for Extension

2.1 I make this request in reliance upon, and as permitted by, the terms of the Loan Agreement, and in particular the variation and/or extension provisions contained therein.

2.2 Whilst I have taken steps to repay the loan within the original term, I am now respectfully requesting an extension of the repayment term for the following reason(s):

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2.3 I should be most grateful if you would agree to extend the repayment term so that the loan, together with all accrued interest, is repaid by ________, or by such other date or in accordance with such other revised repayment schedule as we may agree.

3. Acknowledgements

3.1 I acknowledge and accept that, save as varied by any agreed extension, all of the terms of the Loan Agreement remain in full force and effect, and that nothing in this letter shall operate to discharge, waive or release any of my obligations under the Loan Agreement.

3.2 I acknowledge that interest will continue to accrue in accordance with the terms of the Loan Agreement during any extended period, and that I remain liable to repay the loan in full together with all such accrued interest and any other sums properly due.

3.3 I understand that any extension of the repayment term will only be effective once agreed in writing between us, and I invite you to confirm your agreement (or otherwise) to this request in writing.

I look forward to your prompt response.


Yours sincerely,


______________________

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Dated: ________

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