Sample Of Agreement To Pay Debt
A debt settlement contract is a document used by a debtor (the person who owes money) or the creditor (the person to whom the money is owed) to settle a outstanding debt. Often, a debtor is not able to pay the full amount of debt he owes to a creditor. Thus, the parties have decided to conclude this debt repayment agreement, known as the “agreement”, including its recitals and annexes which are incorporated and which are indivisible. The contracting parties expressly state that the agreement fully expresses their agreement with respect to its purpose and invalidates and replaces all previous agreements between them with respect to its property. Several pieces of information will be needed to balance the text of this agreement. In the beginning, we will consolidate the parties who intend to enter into this contract. First, we will identify the creditor. That is, the party that holds the debt. Write down the creditor`s legal name on the first space of the first paragraph. Then, with the second empty line, document the address of the creditor`s street. Finally, the third and fourth empty posts will need the city and the state linked to the creditor`s designated road address. Then we will identify the debtor. This is the party that is required to repay the debts outstanding to the creditor.
We must document the same information about the creditor in the rest of this paragraph. Then, if you are looking for the fifth empty space in this paragraph, document the debtor`s full name. Continue the debtor`s report with his address, city and state of residence on the sixth, seventh and eight empty spaces. In other areas, information is also needed, starting with the date of “I. Validity Date.” This is the date on which the terms of this agreement act or take effect. Save the name of the month, the double-digit day and the double-digit year on the first calendar day during which the agreement becomes active. Then, in “II. Current debt” we will have to document the full current debt that the debtor is obliged to pay the creditor. Use the empty line placed in this statement after the dollar symbol to save this amount of money.
The third point, “III settlement Debt,” asks for the adjusted amount of debt that has been set for the purposes of this document, which is made available to the empty line.