Payment Plan Settlement Agreement
Payment Plan Settlement Agreement
I. Introduction
This Payment Plan Settlement Agreement ("Agreement") is entered into by and between [YOUR NAME] ("Debtor") and [CREDITOR NAME] ("Creditor"), collectively referred to as the "Parties." This Agreement outlines the terms and conditions under which the Debtor agrees to pay the outstanding debts to the Creditor.
II. Definitions
For the purpose of this Agreement, the following terms are defined:
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"Principal Amount" refers to the total debt owed by the Debtor to the Creditor, which amounts to [DEBT AMOUNT].
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"Settlement Amount" refers to the adjusted amount of [SETTLEMENT AMOUNT], which the Parties agree will settle the debt in full.
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"Payment Plan" refers to the schedule of payments that the Debtor agrees to make until the Settlement Amount is paid in full.
III. Agreement Terms
A. Settlement Amount
The Debtor agrees to pay the Creditor a Settlement Amount of [SETTLEMENT AMOUNT] in full satisfaction of the Principal Amount, under the terms set forth in this Agreement.
B. Payment Terms
The following payment terms are agreed upon by the Parties:
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The Settlement Amount will be paid according to a Payment Plan consisting of monthly payments of [MONTHLY PAYMENT].
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Payments shall be due on the [DUE DATE] of each month, starting [START DATE] and ending [END DATE].
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Payments should be made via [PAYMENT METHOD].
C. Late Payment
If any payment is more than [NUMBER OF DAYS LATE] days late, a late fee of [LATE FEE AMOUNT] will be incurred per late payment.
IV. General Provisions
A. Amendments
This Agreement may only be amended or modified by a written agreement signed by both Parties.
B. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the state of [STATE].
C. Entire Agreement
This Agreement constitutes the entire agreement between the Parties relating to the subject matter hereof and supersedes all prior agreements and understandings, both oral and written, between the Parties.
V. Signatures
Both Parties agree to the terms outlined and have executed this Payment Plan Settlement Agreement on the [DATE].
[YOUR NAME]
[DATE]
[CREDITOR NAME]
[DATE]
