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A Credit Extension Letter is commonly used when a borrower requires additional credit or needs to modify existing credit terms. This document, governed by English and Welsh law, serves as an official amendment to existing credit arrangements. It typically includes details about the extended credit limit or revised repayment timeline, updated interest rates, modified payment terms, and any new conditions or requirements. The letter must comply with UK financial regulations, including FCA requirements and consumer protection legislation, particularly when dealing with retail customers. It's essential for maintaining clear documentation of credit modifications and ensuring all parties understand and agree to the new terms.

1. Letterhead and Date: Official company letterhead and current date

2. Recipient Details: Full name and address of the recipient

3. Current Credit Situation: Statement of existing credit arrangements

4. Extension Terms: Specific details of the credit extension including amount and duration

5. Interest Rate: Applicable interest rates and calculation method

6. Payment Terms: Schedule and method of repayment

7. Signature Block: Space for authorized signatory