– the first instalment of ______ [amount and currency] to be paid on or before ____ [date of payment]; The document then contains the main features of the agreement between the parties, including the amount originally due, the new amount that the debtor will pay to the creditor, how the repayment will take place and the deadline by which the debtor will finalize the creditor`s repayment. Finally, the document may contain optional details about the agreement, for example. B parties who undertake not to sue each other or to keep the details of their agreement confidential. This document contains all the details necessary to record in writing the terms of an agreement between a debtor and a creditor to remedy a debt due. First, the document describes all relevant identification details, such as the respective addresses of the parties, contact details and the names of the legal representatives (if any). This agreement is intended to negotiate and make possible a debt under the following conditions: CONSIDERING that the debtor and the debtor wish to enter into an agreement to challenge this debt and an associated payment plan The debtor declares and guarantees that he/she accepts that this payment plan has been designed in such a way that he/she can make the necessary payments without causing additional debts or inconvenience. In the event of late payment, the aforementioned repayment plan automatically becomes null and void and the total amount due to the creditor is therefore due immediately. In addition, the buyer automatically pays the creditor default interest in the amount of ___ [rate equivalent to at least three times the annual legal rate in force in France] and a minimum compensation of 40 (forty) euros at immediate maturity, without the need for a warning. The creditor also has the right to terminate the new sales contract concluded with the buyer, notwithstanding the other provisions of the aforementioned franchise agreement. This debt settlement agreement (the “Agreement”) sets out the terms that govern the contractual agreement between [the enterprise] having its registered office at [ADDRESS] (the debtor) and [the company] having its registered office [address] (the “creditors”) that agree to be bound by this agreement.
After Payment – Once the last payment is complete, the creditor agrees to remove all damaging reservations from the debtor`s credit information. CONSIDERING that the debtor is indebted to the creditor up to [amount WRITTEN IN DOLLARS OF DEBT] (amount in dollars)) (the debt); AND DEBT RECOGNITION. The debtor agrees and acknowledges that he is fully liable to the creditor. A debt settlement agreement is a contract signed between a creditor and a debtor to renegotiate a debt or make compromises. This is usually the case when a person wants to make a final payment for a debt due. The debtor offers a payment below the due date (usually between 50% and 70%) if the payment can be made immediately. In the United States, settlement agreements are governed by state-specific laws, which cover debt principles, such as necessary written confirmation, as well as general treaty principles, such as education and mutual understanding. A debt settlement agreement is a document used by a debtor (the person who owes money) or a creditor (the person who is owed to the money) to pay an outstanding debt.
Often, a debtor is not able to pay the full amount of a debt he owes to a creditor.