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Debt Payment Agreement Form Template for Ireland

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Key Requirements PROMPT example:

Debt Payment Agreement Form

"I need a Debt Payment Agreement Form for a €50,000 business loan to be repaid in monthly installments over 36 months, starting from March 2025, with a 5% annual interest rate and early repayment options."

Document background
The Debt Payment Agreement Form is a crucial document used in Irish business and financial transactions when parties need to formalize arrangements for the repayment of outstanding debts. It's particularly relevant when standard payment terms need to be modified or when establishing a structured repayment plan. The document complies with Irish financial regulations and consumer protection laws, including the Consumer Credit Act 1995 and the Personal Insolvency Act 2012. It's designed to protect both creditor and debtor interests by clearly stating the debt amount, payment terms, interest rates, and consequences of default. This agreement is commonly used in various scenarios, from business-to-business transactions to consumer debt arrangements, and can be adapted for different debt types while maintaining compliance with Irish legal requirements.
Suggested Sections

1. Parties: Identification of the creditor and debtor with full legal names and addresses

2. Background: Brief description of the circumstances leading to the debt and the parties' intention to enter into a payment arrangement

3. Definitions: Definitions of key terms used throughout the agreement

4. Acknowledgment of Debt: Clear statement of the total debt amount and debtor's acknowledgment of the debt

5. Payment Terms: Detailed payment schedule including amount, frequency, and method of payments

6. Duration: Term of the agreement and expected completion date of payments

7. Default Provisions: Consequences of missing payments and what constitutes a default

8. Interest and Charges: Details of any interest or additional charges applicable

9. Representations and Warranties: Statements of fact and promises made by both parties

10. Governing Law: Confirmation that the agreement is governed by Irish law

11. Execution: Signature blocks and execution requirements

Optional Sections

1. Security: Include when the debt is secured against any assets

2. Guarantor Provisions: Include when a third party is guaranteeing the debt

3. Early Payment Provisions: Include when early payment options or discounts are available

4. Dispute Resolution: Include when specific dispute resolution procedures are agreed upon

5. Insurance Requirements: Include when insurance must be maintained on any secured assets

6. Financial Reporting: Include when the debtor must provide periodic financial updates

7. Variation Terms: Include when specific provisions for varying the agreement are needed

Suggested Schedules

1. Payment Schedule: Detailed breakdown of payment dates and amounts

2. Original Debt Documentation: Copies or details of the original agreements or invoices creating the debt

3. Asset Schedule: List and description of any assets securing the debt

4. Direct Debit Mandate: Authorization for automatic payment collection if applicable

5. Credit Report Consent: Authorization for credit reporting if required

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈ˰æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions


























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Relevant Industries

Financial Services

Banking

Retail

Commercial Real Estate

Professional Services

Healthcare

Construction

Manufacturing

Education

Telecommunications

Utilities

Relevant Teams

Legal

Finance

Credit Control

Accounts Receivable

Collections

Risk Management

Compliance

Treasury

Commercial Operations

Contract Administration

Relevant Roles

Credit Manager

Financial Controller

Collections Manager

Accounts Receivable Manager

Legal Counsel

Debt Recovery Specialist

Finance Director

Risk Manager

Commercial Manager

Credit Control Officer

Compliance Officer

Treasury Manager

Chief Financial Officer

Business Development Manager

Contract Administrator

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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