The Credit Card Debt Settlement Agreement is a crucial document used in Hong Kong when a credit card holder and their card issuer agree to settle outstanding credit card debt, often at a discount or with modified payment terms. This document becomes necessary when a cardholder is unable to meet their original credit card payment obligations and both parties agree to a compromise solution. The agreement must comply with Hong Kong banking regulations, the Code of Banking Practice, and relevant consumer protection laws. It typically includes detailed information about the original debt, settlement amount, payment schedule, and terms for debt discharge. The document serves multiple purposes: it protects the interests of both the financial institution and the debtor, provides clear documentation of the settlement terms, and establishes a legally enforceable framework for debt resolution. This type of agreement is particularly relevant in the context of Hong Kong's financial services sector, where credit card usage is widespread and regulated debt settlement processes are well-established.
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1. Parties: Identifies the credit card issuer/bank (creditor) and the credit card holder (debtor), including full legal names and addresses
2. Background: Describes the existing credit card debt, account details, and circumstances leading to the settlement
3. Definitions: Defines key terms used throughout the agreement, including 'Settlement Amount', 'Original Debt', 'Payment Plan', etc.
4. Settlement Terms: Specifies the agreed settlement amount, any discount applied to the original debt, and confirmation that this represents full and final settlement
5. Payment Terms: Details the payment schedule, installment amounts, payment methods, and due dates
6. Default Provisions: Outlines consequences of missing payments and circumstances under which the agreement becomes void
7. Release and Discharge: Confirms that upon completion of payments, the debtor will be fully released from the original debt
8. Representations and Warranties: Contains statements by both parties about their capacity to enter into the agreement and the accuracy of information provided
9. Governing Law and Jurisdiction: Specifies that Hong Kong law governs the agreement and Hong Kong courts have jurisdiction
1. Confidentiality: Include when parties wish to keep the settlement terms private, particularly relevant for high-value settlements
2. Credit Reporting: Include when there are specific agreements about how the debt will be reported to credit bureaus
3. Third-Party Rights: Include when the agreement needs to address rights of guarantors or other involved parties
4. Debt Verification: Include when the debtor requests detailed verification of the debt amount
5. Early Payment Provisions: Include when allowing for early settlement with additional discount
6. Account Closure: Include when specifying terms for closing the credit card account
7. Future Credit Relations: Include when addressing potential future banking relationships between the parties
1. Schedule 1 - Debt Statement: Detailed breakdown of the original debt, including principal, interest, and fees
2. Schedule 2 - Payment Schedule: Detailed payment plan showing dates, amounts, and payment methods
3. Schedule 3 - Account Details: Details of the credit card account(s) involved in the settlement
4. Appendix A - Required Documents: List of documents required from both parties for the settlement process
5. Appendix B - Communication Protocol: Procedures for communications regarding payments and settlement status
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Credit Card Services
Debt Collection
Consumer Finance
Legal Services
Financial Technology
Relevant Teams
Legal
Compliance
Credit Risk
Collections
Customer Service
Operations
Finance
Credit Control
Debt Recovery
Documentation
Relevant Roles
Credit Risk Manager
Collections Manager
Legal Counsel
Compliance Officer
Credit Operations Manager
Debt Recovery Specialist
Customer Relations Manager
Financial Services Officer
Credit Controller
Banking Operations Manager
Settlement Officer
Risk Assessment Officer
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