A debtor often says:
“I know I have to pay you. Just give me another two months.”
Should you agree?
Sometimes, yes.
Giving a genuine debtor a reasonable amount of additional time may be far more practical than immediately starting a dispute.
But there is a difference between agreeing to a clear extension and simply allowing the matter to drift indefinitely.
First ask: Is there a realistic repayment plan?
If someone genuinely needs more time, ask what exactly is being proposed.
For example:
“I will pay Rs. 100,000 on the 15th of each month for the next five months.”
is very different from:
“Don’t worry. I’ll pay you when things improve.”
A specific proposal gives you something that can actually be assessed.
If you agree, record it properly
If additional time is given, it is sensible to record clearly:
- the amount presently owed;
- that the debtor acknowledges the obligation;
- the new date for payment, or the instalment dates; and
- the balance remaining after each payment.
Avoid leaving an important repayment arrangement entirely to memory or repeated telephone conversations.
A clear written acknowledgment of a debt can also have legal significance.
Do not assume that giving more time automatically protects your legal position
This is particularly important where the debt is already old.
Sri Lankan prescription law places time limits on different kinds of claims.
An oral statement such as:
“I admit I owe you the money. Give me another three months.”
should not automatically be assumed to stop or restart the applicable prescription period.
The legal effect of a written acknowledgment, part payment or a new repayment arrangement can be different and will depend on the circumstances.
So if the debt has already remained unpaid for a considerable time, check the legal position before casually granting another extension.
What if the debtor makes a part payment?
A part payment can be encouraging because it may show a genuine intention to settle the debt.
If you accept one, keep a proper record of how much was paid, what debt the payment relates to, and what balance remains outstanding.
Do not allow later disagreement about whether the payment represented an instalment, a complete settlement or payment for something else.
When should you become cautious?
Extra time may be reasonable once.
Repeated requests become more concerning when every new deadline passes without payment.
If the pattern becomes:
“Next month.”
then
“After the business deal.”
then
“Give me another three months.”
you may no longer be dealing with a genuine temporary difficulty. You may simply be postponing the decision you eventually have to make.
So, should you give the debtor more time?
Possibly—but make it a deliberate decision.
If an extension genuinely improves the chance of recovering the money, it may be sensible.
Practical point: Set a clear deadline, record what is owed, preserve the evidence, and do not allow repeated promises to make you forget that legal time limits may still be running.
Legal context: Sri Lankan prescription law distinguishes between different forms of acknowledgment, promises and part payments. The effect of a particular arrangement depends on its wording and circumstances. See Hoare & Co. v. Rajaratnam on LawNet.
General information only. The effect of an acknowledgment, part payment, repayment arrangement or extension of time may depend on the nature of the debt, the wording of the arrangement and the applicable prescription period. Reading this guide does not by itself create an Attorney-at-Law/client relationship.