A Debt Resolution Agreement is utilized when parties wish to formally document the terms of debt settlement under English and Welsh law. This document is particularly relevant when standard payment terms have proven unsuitable and alternative arrangements are needed. The agreement typically includes details of the original debt, current balance, agreed payment terms, and any special conditions such as interest freezes or partial debt write-offs. It provides a structured framework for debt resolution while ensuring compliance with UK financial regulations, including the Consumer Credit Act 1974 and Financial Services and Markets Act 2000.
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1. Parties: Identification and details of creditor and debtor
2. Background: Context of the debt, including original amount, date incurred, and current status
3. Definitions: Key terms used throughout the agreement
4. Acknowledgment of Debt: Formal recognition of the debt amount and validity
5. Payment Terms: Agreed payment schedule, amounts, and methods
6. Default Provisions: Consequences of failing to meet payment obligations
7. Termination: Circumstances under which the agreement can be terminated
1. Interest and Charges: Details of any interest or additional charges, if applicable
2. Debt Write-Off Provisions: Terms for partial debt forgiveness when offered as part of the resolution
3. Third Party Rights: Rights of guarantors or other interested parties when third parties are involved in the debt
4. Confidentiality: Terms regarding confidentiality of the agreement when parties wish to keep terms private
1. Payment Schedule: Detailed breakdown of payment dates and amounts
2. Original Debt Documentation: Copies of original loan agreements or credit agreements
3. Statement of Account: Current debt balance and payment history
4. Direct Debit Mandate: Payment authorization forms if applicable
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