The Extension of Debt Payment Agreement contains an acknowledgement of the Debt by the Customer to the Creditor and agrees an extended period for the payment of that sum.
This template contains the following clauses:
1. Extended period terms including interest
2. Customer agreement to the above
3. Creditor rights to immediate full repayment in the event of default
4. Creditor rights to legal expenses in the event of default
5. Customer agreement to provide confirmation of the outstanding balance(s)
6. Nature of the agreement