Payment Agreement Contract – A payment agreement (or repayment agreement) sets out a plan to repay the debt over a period of time. This is common when the amount is too large to pay the debtor in one payment.
ACH Recurring Order – Often required as part of a payment agreement to automatically withdraw funds from a debtor’s account.
Payment Agreement Contract
A payment plan is a way of paying for something over a period of time. This usually happens when the person owes an uninteresting amount, and the debtor allows payment for several months or years.
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Most payment plans charge little or no interest as long as payments are made on time. This is a common incentive for the borrower not to default on the payment schedule.
Setting up a payment plan requires the agreement of the debtor and creditor and the definition of terms in the contract. For outstanding balances, a payment plan is often the debtor’s “last chance” to pay off the debt.
The lender and borrower must come to a payment arrangement that benefits both parties. There are two (2) types of payment plans:
Once the balance is settled, the terms of the payment plan should be spelled out in a simple contract. There are usually no guarantees that are contractually incentivized to pay the debtor either interest-free payments or a discounted total balance.
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For payment plans over $10,000, both parties are encouraged to attach a Certificate of Attestation to the contract and have it notarized.
Use the Credit Card / ACH Authorization form to obtain the debtor’s payment details. Most lenders will require the borrower to set up automatic payments that charge the borrower’s credit card or bank account for each installment period.
After full payment of the balance, the borrower is released from any financial responsibility. This can be completed through a discharge form and can also be used by the debtor to remove the outstanding balance from their credit report.
The obligor: [NAME OF PURCHASE] with a mailing address of [MAIL ADDRESS] (the “Obligor”) and acknowledges that he owes money to:
Contract Templates And Agreement
II. Balance. As of the Effective Date, Borrower owes $[AMOUNT] (the “Current Balance”) related to: (check one)
☐ – Earns interest. The total amount will be interest at the rate of [#]%: (check one)
☐ – NOT proof of interest. There are no percentages associated with the average value. Borrower’s sole obligation to Borrower is principal repayment.
IV. MOUTH MEANING. In consideration of the Borrower’s faith in the repayment of the Current Balance, the Borrower agrees to: (check one)
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☐ – Does NOT offer a discounted price. The Borrower is obligated to pay the Current Balance in full (the “Amount Indebted”).
☐ – Offer a discounted price. Borrower will offer a discounted balance of $[AMOUNT] (the “Amount Indebtedness”) if Borrower is able to repay Borrower in accordance with the terms of this Agreement. If Borrower violates any of the terms of this Agreement, Borrower will refund Borrower’s current balance in addition to other penalties, fees and accrued interest.
V. Compensation Plan. Borrower agrees to reimburse Borrower for the total amount as follows: (check one)
☐ – Weekly payments. Borrower agrees to repay Borrower [DAY] of each week by the following [DATE].
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☐ – Monthly payments. Borrower agrees to repay Borrower [DAY] of each month by the next [DATE].
☐ – Total integer. Borrower agrees to repay Borrower in full on [DATE].
VII. PAY. If the borrower is more than [#] days late with any payment, it will be considered late. If the payment is overdue, the Debtor: (check one)
☐ – Late payment received. The borrower will receive a late payment fee of: [DATE AMOUNT]
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☐ – Promise safety. The Borrower agrees to secure this Agreement by providing the following sureties: [Description] (the “Security”).
In the event that the Borrower fails to fulfill its obligations under this Agreement, the Borrower shall take possession of the Guarantee: (check one)
☐ – Not Healthcare. This Agreement shall not be secured by property or assets of the Borrower.
IX. PAID. If the borrower pays before the due date, there will be: (check one)
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☐ – Prepayment penalty. If the borrower pays early repayment, then a penalty for early repayment will be assessed in the amount of: (check one)
☐ – No payment penalty. If the borrower pays before the due date, the penalty for early repayment is not charged.
X. CORRECTION. No delay or refusal by the holder of this Agreement to exercise any right hereunder shall operate as a waiver of any such right or any other right of such holder, nor shall any delay, refusal or refusal in any event. barring or waiving the same or any other right for any future event. Borrower’s rights and remedies are cumulative and may be exercised individually, consecutively, or together, at Borrower’s discretion.
XI. VICTORY. The Borrower has the right to declare that the Total Amount is due immediately, including the interest owed, if any of the following events occur:
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XII. SUBJECTS. The Borrower’s obligations under this Agreement shall extend to all indebtedness of the Borrower, if any, to any third party creditor not related to the amount of such indebtedness as of the date of this Agreement, and such consolidation is required by the Loan Documents. provides for such indebtedness.
XIII. AREA BY DEBTORS. All parties to this Agreement, including the Borrower and any guarantors, supporters and guarantors, hereby waive all objections, representations, notices of dishonor and notices of acceleration of maturity and agree to continue to pay principal, interest and all other amounts hereunder, regardless of any change or modification by release, surrender, exchange, alteration or substitution of any security of this Agreement or by any extension or extensions of time for the payment of principal and interest; and all such persons waive any notice of such change or alteration and agree that they may be made without notice or consent to any of them.
XIV. Argument. In the event that any payment under this Agreement is not made when due, the Borrower agrees to pay, in addition to the principal amount owed and interest hereunder, reasonable attorneys’ fees not to exceed an amount equal to the maximum amount of interest under state law. the outstanding loan amount, including all other reasonable costs incurred by the Lender in exercising any of its rights and remedies in the event of default.
XV. AUTHORITY. If any provision of this Agreement or its application shall be invalid or unenforceable for any reason and to any extent, then neither the remainder of this Agreement nor its application to any other person, entity or circumstance shall be of any force, and instead will be realized in the maximum amount permitted by law.
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XVI. Administrative law. This Agreement shall be construed and governed by applicable [State Law] (“State Law”).
XVII. MIRI. All of the foregoing is the promise of the Debtor and shall become the successors, heirs and assigns of the Debtor and the Debtor; provided, however, that Lender may not assign any of its rights or representatives in any of its agreements hereunder without the prior written consent of the holders of this Agreement.
XVIII. ALL offers. This Agreement contains all terms agreed upon by the parties relating to its subject matter, including any additions and additions. This Agreement supersedes all prior discussions, agreements and oral agreements. The borrower and lender agree to the terms and conditions and will be bound by them until the loan amount is paid in full.
IN WITNESS WHEREOF, Borrower and Borrower have executed this Agreement on the day and year above written.
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The guarantor, known as [GUARANTEE NAME], agrees to guarantee and pay the loan amount, including principal and interest, in the event of default by the borrower. The Guarantor agrees to be personally liable in accordance with the terms of the Guarantor in this Agreement.
By using the website, you agree to the use of cookies to analyze website traffic and improve your experience on our website. We worked closely with legal experts and readers to develop a simple payment agreement template (PDF and Word) to help you with your financial transactions.
A payment agreement is a legal agreement that details the terms of further payments between the creditor (debtor) and the borrower (debtor). Let’s look at a quick example to illustrate such a payment arrangement.
Creditors and debtors can be both natural persons and any economic entities. Also, payment contracts can be used in personal and commercial transactions.
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If not properly managed, payment obligations can quickly turn into nasty lawsuits and disputes.
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