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The Payment Agreement records the outstanding debts and sets out a payment plan for the Debtor to make the payments to the Creditor without any interruptions. This template is drafted in favour of the Creditor.
Any partial/late payment by the debtor will be considered as default and the remaining outstanding amount will become payable immediately. The Creditor will also be entitled to recover the debt with accrued interest and attorney fee/collection cost incurred by the Debtor.
The Creditor may also assign the Agreement to a third party.
The Agreement includes:
(a) Acknowledgement of the outstanding debt
(b) Payment Plan, i.e. a debt repayment schedule including the method of payment is outlined in Exhibit A to the Agreement
(C) Consequences of default in payment by the Debtor
A Creditor can use the Payment Agreement to outline the debt repayment schedule for the Debtor.
The total debt amount, payment method, instalment amount and the due date should be specified in the Agreement.
Both parties should sign and return a copy, and once signed, both parties should get a copy. Both parties may wish to have their signatures witnessed to avoid any future disputes.
The Creditor and the Debtor should carefully read this document.