A Debt Repayment Agreement is utilized when parties wish to formalize arrangements for settling outstanding debts in New Zealand. This document is particularly valuable when a debtor cannot immediately pay a debt in full but is committed to making regular payments over time. The agreement provides legal protection for both creditor and debtor by clearly documenting the debt amount, payment terms, and consequences of default. It ensures compliance with New Zealand's financial and consumer protection laws, including the Credit Contracts and Consumer Finance Act 2003. The document can be customized to include various provisions such as security interests, guarantor arrangements, or early repayment options, making it suitable for both business and personal debt situations.
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1. Parties: Identifies and defines all parties to the agreement - the creditor and debtor with their full legal names and details
2. Background: Recitals explaining the context of the debt, its origin, and the parties' intention to enter into a repayment arrangement
3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty
4. Acknowledgment of Debt: Clear statement of the debt amount and the debtor's acknowledgment of owing this sum
5. Repayment Terms: Details of the repayment structure, including payment amounts, frequency, and method of payment
6. Interest and Fees: Specification of any interest rates and additional fees applicable to the debt
7. Default Provisions: Consequences of missing payments or breaching the agreement terms
8. Dispute Resolution: Process for resolving any disputes that may arise regarding the agreement
9. General Provisions: Standard contractual clauses including governing law, entire agreement, and amendments
1. Security Interests: Include when the debt is secured against specific assets or property
2. Guarantor Provisions: Required when a third party is guaranteeing the debt repayment
3. Early Repayment: Include when early repayment options are available, including any associated fees or benefits
4. Privacy and Information Sharing: Include when there's significant handling of personal information or credit reporting requirements
5. Insurance Requirements: Include when insurance is required for secured assets or debt repayment protection
6. Debt Consolidation Terms: Include when the agreement consolidates multiple existing debts
7. Hardship Provisions: Include when specific provisions for financial hardship are agreed upon
1. Schedule 1 - Payment Schedule: Detailed breakdown of payment dates, amounts, and running balance
2. Schedule 2 - Original Debt Documentation: Copies or details of the original debt instruments or invoices
3. Schedule 3 - Security Details: Description and documentation of any security interests or collateral
4. Appendix A - Direct Debit Authority: Direct debit authorization form if automatic payments are being set up
5. Appendix B - Guarantor Declaration: Declaration and identification documents of any guarantors
6. Appendix C - Asset Register: List and details of any secured assets if applicable
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Banking
Legal Services
Retail
Commercial Property
Small Business
Construction
Healthcare
Education
Professional Services
Relevant Teams
Legal
Finance
Credit Control
Collections
Risk Management
Compliance
Treasury
Accounts Receivable
Commercial Operations
Business Advisory
Relevant Roles
Credit Manager
Financial Controller
Collections Officer
Accounts Receivable Manager
Legal Counsel
Risk Manager
Finance Director
Credit Analyst
Debt Recovery Specialist
Commercial Manager
Chief Financial Officer
Compliance Officer
Business Development Manager
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