The Past Due Payment Arrangement Agreement is a crucial document used when a debtor has fallen behind on payment obligations and both parties wish to establish a formal arrangement for debt repayment. It's particularly relevant in Australian business and consumer contexts where there's a need to document and formalize payment plans for overdue amounts. The agreement typically becomes necessary when standard payment terms have not been met and parties need to restructure the debt repayment while maintaining compliance with Australian consumer protection laws, ASIC guidelines, and privacy regulations. This document helps prevent future disputes by clearly outlining payment terms, consequences of default, and any special conditions of the arrangement. It's commonly used across various sectors including financial services, retail, utilities, and professional services, and can be adapted for both business-to-business and business-to-consumer contexts.
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1. Parties: Identifies the creditor and debtor, including full legal names, ABNs/ACNs if applicable, and registered addresses
2. Background: States the existence of the original debt, its nature, and the parties' intention to enter into a payment arrangement
3. Definitions: Defines key terms used throughout the agreement including 'Original Debt', 'Payment Plan', 'Default Event', etc.
4. Acknowledgment of Debt: Formal acknowledgment of the debt amount, including original principal, interest, and any fees to date
5. Payment Terms: Details of the payment arrangement including amount, frequency, payment method, and duration
6. Default and Consequences: Specifies what constitutes a default and the consequences, including potential termination of the arrangement
7. General Provisions: Standard contract clauses including governing law, entire agreement, and amendments
8. Execution: Signature blocks and execution details for all parties
1. Interest and Fees: Used when ongoing interest or fees will be charged during the payment arrangement period
2. Security: Include when the debt is or will be secured by any assets
3. Guarantor Provisions: Required when a third party is guaranteeing the payment arrangement
4. Early Payment Provisions: Include when there are specific terms for early payment or debt discount
5. Financial Hardship Provisions: Used when the arrangement is made under financial hardship provisions
6. Credit Reporting: Include when specific agreements about credit reporting have been made
7. Debt Release: Used when partial debt forgiveness is part of the arrangement
1. Schedule 1 - Debt Calculation: Detailed breakdown of the debt amount including principal, interest, and fees
2. Schedule 2 - Payment Schedule: Detailed payment schedule showing all payment dates and amounts
3. Schedule 3 - Direct Debit Authority: If applicable, the direct debit authorization form and terms
4. Appendix A - Original Debt Documentation: Copies or references to the original debt documentation
5. Appendix B - Financial Hardship Evidence: If applicable, documentation supporting financial hardship claims
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Banking
Retail
Telecommunications
Utilities
Healthcare
Education
Professional Services
Real Estate
Construction
Manufacturing
Relevant Teams
Legal
Finance
Credit Management
Collections
Accounts Receivable
Risk Management
Compliance
Customer Service
Operations
Commercial
Relevant Roles
Credit Manager
Collections Officer
Financial Controller
Accounts Receivable Manager
Credit Risk Officer
Legal Counsel
Debt Recovery Specialist
Customer Service Manager
Finance Manager
Commercial Manager
Compliance Officer
Chief Financial Officer
Credit Analyst
Business Development Manager
Contract Administrator
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