Agreement to Extend Debt Payment
Updated 17 October 2025
This template outlines an agreement between a Debtor and a Creditor to extend the payment period for an existing debt. It details the new payment schedule, interest rate, and the total amount due by the final date. The agreement also specifies consequences for default, including the Creditor's right to demand immediate full payment and the Debtor's responsibility for associated legal fees.
Agreement to Extend Debt Payment
This agreement is made on [date] between [name of debtor], hereafter “Debtor,” and [name of creditor], hereafter “Creditor”:
Both parties acknowledge and agree that the Debtor currently owes [amount of money] to the creditor. Although this sum was originally due in full by [date], the two parties now agree to the following terms and conditions:
The Debtor will be granted an extended debt payment period of [amount of time]. Therefore, he/she will pay [amount] every [frequency] until [date].
The Debtor shall pay an interest rate of [interest rate] on the extended sum, for a total of [amount] by the final date.
Should the Debtor default on these terms, the Creditor is permitted to demand the remaining sum in full immediately. Should the defaulted sum result in a court appearance, the Debtor agrees to pay all associated legal fees.
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[name of debtor] |
| [date] |
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[name of creditor] |
| [date] |
About this template
What is this template?
Agreement to Extend Debt Payment is a free, ready-to-use Banking and finance template you can open, customize, and download on GitLaw. It gives you a professionally structured starting point, so you never have to draft from a blank page. The wording is plain and modern, organized into clear sections that are easy to read, edit, and adapt to your own situation before you share or sign it.
When should you use it?
Reach for this Banking and finance template whenever you need a reliable agreement quickly and want to be sure the essentials are covered. It suits individuals, freelancers, startups, and established businesses alike. Instead of paying for a document drafted from scratch, you can start here, tailor the details to your arrangement, and have a polished draft ready in minutes. Always review the final wording against the laws that apply where you live or do business.
What's typically included?
A well-drafted Banking and finance usually sets out the parties involved, the scope of the agreement, and each side's rights and responsibilities. Expect sections covering key terms and definitions, how long the agreement lasts, how it can be ended, and what happens if something goes wrong. This template brings those building blocks together in a sensible order, so you can focus on the specifics rather than worrying about what to include. Open it to read the full document, then sign up to edit, negotiate, and e-sign it directly in GitLaw.