The Debt Payment Plan Agreement is essential when parties wish to formalize arrangements for repaying outstanding debts in manageable installments. This document, governed by English and Welsh law, is commonly used when a debtor cannot immediately repay the full amount owed but demonstrates willingness to settle the debt through regular payments. The agreement includes crucial details such as payment schedules, interest calculations, default provisions, and early repayment options. It ensures compliance with the Consumer Credit Act 1974 and other relevant legislation while providing legal protection for all parties involved.
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1. Parties: Identifies the creditor and debtor with full legal names and addresses
2. Background: States the original debt amount, current balance, and circumstances leading to the payment plan
3. Definitions: Defines key terms used throughout the agreement
4. Payment Terms: Details payment amounts, frequency, and method of payment
5. Duration: Specifies the term of the payment plan and completion date
6. Default Provisions: Outlines consequences of missed payments or breach
7. Governing Law: Specifies jurisdiction and applicable law
1. Interest Provisions: Details any interest calculations and charges - use when interest is being charged on the debt
2. Early Payment Provisions: Terms for early repayment or settlement - use when early repayment options are offered
3. Third Party Rights: Provisions regarding guarantors or other involved parties - use when additional parties are involved in guaranteeing the debt
1. Payment Schedule: Detailed breakdown of payment dates and amounts
2. Statement of Outstanding Debt: Itemized statement of the debt including any fees or charges
3. Direct Debit Mandate: Template for direct debit authorization if payments are to be made by direct debit
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