The Repayment Plan Agreement is utilized when parties need to formalize arrangements for the systematic repayment of outstanding debt under Belgian law. This document becomes necessary when a debtor requires a structured approach to settle their obligations, whether in a commercial or consumer context. The agreement must comply with Belgian Civil Code requirements, consumer protection regulations, and specific debt collection laws. It typically follows either a default on original payment terms or a proactive restructuring of payment obligations. The document includes essential elements such as the acknowledged debt amount, payment schedule, interest rates, and default provisions. It's particularly relevant in situations where the original payment terms need modification or when formalizing informal payment arrangements. The Repayment Plan Agreement serves as a crucial tool for debt management while ensuring legal compliance and protecting both creditor and debtor interests within the Belgian legal framework.
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1. Parties: Identification of the creditor and debtor, including full legal names, addresses, and registration numbers if applicable
2. Background: Description of the original debt, circumstances leading to the repayment plan, and acknowledgment of the outstanding amount
3. Definitions: Definitions of key terms used throughout the agreement
4. Acknowledgment of Debt: Formal acknowledgment of the total amount owed and its composition (principal, interest, costs)
5. Repayment Terms: Detailed description of the repayment schedule, including payment amounts, frequency, and method of payment
6. Interest and Charges: Specification of any interest rates applicable and additional charges
7. Payment Method: Details of how payments will be made (bank transfer, direct debit, etc.)
8. Default Provisions: Consequences of missing payments and definition of what constitutes a default
9. Acceleration Clause: Circumstances under which the full remaining balance becomes immediately due
10. Representations and Warranties: Statements of fact and promises made by both parties
11. Notices: How and where official communications between parties should be sent
12. Governing Law and Jurisdiction: Confirmation of Belgian law as governing law and jurisdiction for disputes
13. Entire Agreement: Standard clause confirming this document represents the complete agreement between parties
1. Guarantor Provisions: To be included when a third party is guaranteeing the repayment obligations
2. Collateral Security: When specific assets are being provided as security for the repayment
3. Early Repayment: Terms for early repayment if allowed, including any penalties or benefits
4. Insurance Requirements: When specific insurance coverage is required to secure the repayment
5. Hardship Provisions: Procedures for modifying the repayment plan in case of demonstrable financial hardship
6. Tax Provisions: When specific tax implications need to be addressed
7. Debt Counselling: When debt counselling or financial management support is part of the agreement
1. Schedule 1 - Payment Schedule: Detailed table of payment dates, amounts, and running balance
2. Schedule 2 - Original Debt Documentation: Copies or details of the original debt agreements or invoices
3. Schedule 3 - Direct Debit Authorization: If applicable, the direct debit mandate and banking details
4. Schedule 4 - Asset Schedule: If applicable, list and description of any collateral assets
5. Appendix A - Contact Details: Detailed contact information for all relevant parties and representatives
6. Appendix B - Payment Methods: Detailed instructions for making payments, including bank account details
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