Financial Planning Agreement Template

Financial Planning Agreement Template - A payment agreement (or repayment agreement) outlines a payment plan to pay the debt, which is done in a specific period. This is common when the amount is too large for the debtor to pay at once.

Recurring ACH Authorization - Often required as part of a payment agreement to automatically deduct money from the debtor's account.

Financial Planning Agreement Template

A payment plan is a way for someone to pay something over a period of time. This often happens when an individual owes an unaffordable amount of money and the creditor allows payment to take months or years.

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With most payment plans, there is little or no interest as long as the payments are made on time. This is a common incentive for the debtor to not meet the payment schedule.

To create a payment plan, it is necessary to agree with the creditor and the debtor and define the terms in the contract. For delinquent balances, a payment plan is often the debtor's "last chance" to clear the debt.

The debtor and the creditor must agree to a payment agreement that benefits both parties. There are two (2) types of payment plans:

After agreeing on the balance of the debt, the terms of the payment plan must be written in a simple contract. Often there is no guarantee with the payment incentive of the debtor that is payment without interest or a full balance discount.

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For payment plans of more than $10,000, it is recommended that both parties add a notary declaration to the contract and sign it in the presence of a notary public.

Use the credit card/ACH authorization form to get the debtor's payment details. Most lenders will require the borrower to set up automatic payments that will be charged to the borrower's credit card or bank account for each payment period.

When the debt is paid in full, the debtor is released from the financial obligation. This can be completed with a release form and can also be used by the debtor to remove any outstanding balance on the credit report.

Debtor: [DEBTOR'S NAME] at [MAILING ADDRESS] (the "Debtor") and acknowledges that he owes money to:

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II. . On the Effective Date, the Borrower owes $[AMOUNT] (the “Current Balance”) in respect of: (old one)

☐ - bearish interest. Total amount charged at interest rate [#]% Compiled by: (check one)

☐ - no interest. There should be no interest attached to the total amount. The only obligation of the debtor to the creditor is to repay the principal amount.

IV. discounted amounts. Subject to the debtor's good faith in paying the current balance, the creditor agrees to:

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☐ - Do not offer a discounted amount. The Debtor is obligated to pay the entire current balance (the "Amount Due").

☐ - Offer a discounted amount. The Lender will offer a discounted balance of $[AMOUNT] (the "Amount Due") if the Borrower is able to pay the Lender in accordance with the terms of this Agreement. If the Borrower violates any of the terms of this Agreement, the Borrower shall return to the Lender the current balance plus any other penalties, fees and accrued interest.

V. PAYMENT PLAN. The debtor undertakes to pay the creditor the full amount under the following conditions: (check one)

☐ - weekly payments. The debtor agrees to pay the creditor by [DAY] of each week on [DATE].

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☐ - monthly payments. The debtor agrees to pay the creditor by [DAY] of each month on [DATE].

☐ - together. The debtor agrees to pay the creditor in full on [DATE].

VII. Late payment. If the debtor is more than [#] days late in any payment, it will be considered late. If the payment is late, the debtor will be: (check one)

☐ - late payment. The debtor will be charged a late fee equal to: [late fee AMOUNT]

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☐ - Security projects. The Borrower agrees to secure this Agreement by undertaking the following guarantees: [DESCRIBED] (the "Security").

If the debtor does not fulfill this agreement, the creditor will take possession of the guarantee: (check one)

☐ - No collateral security. This Agreement shall not be secured by any property or assets of the Debtor.

IX. pre pay If the debtor makes the payment before the due date, it must be: (check one)

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☐ - prepayment penalty. If the debtor pays before the due date, then a prepayment penalty will be imposed: (check one)

☐ - There is no prepayment penalty. If the debtor pays before the due date, there will be no prepayment penalty.

X. Remedies. No delay or failure to act on the part of the holder of this Agreement in exercising this right shall operate as a waiver of those rights or of any other right of the holder, nor shall any delay, omission or waiver in any event be considered as. they were given up. Prohibition or waiver of the same or other right in any future case. Lender's rights and remedies are cumulative and may be exercised separately, consecutively or together, at Lender's discretion.

XI. acceleration The creditor has the right to declare the total amount immediately due and payable, including the debt, if an event occurs:

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XII. subordination The obligations of the Debtor hereunder shall be subordinated to all indebtedness of the Debtor, if any, to an unrelated third party creditor to the extent such indebtedness is not outstanding as of the date hereof and such subordination is required by the Loan Documents that provide for this debt. .

XIII. Waiver by the debtor. All parties, including the obligor and any guarantors, indorsers and guarantors, hereby waive all objections, submissions, notices of dishonor and acceleration of maturity and agree to continue to pay principal and interest. and all other amounts due under this Agreement without forfeiture to any change or modification to this Agreement by way of release, waiver, exchange, modification or substitution of any security or extension or extension of time for payment of principal and interests; and all such parties waive all notice of such change or changes and agree that the same may be made without notice or consent to either of them.

XIV. . In the event that any payment under this Agreement is not made when due, the Borrower agrees to pay, in addition to principal and interest, reasonable attorneys' fees not to exceed an amount equal to the maximum interest rate under applicable law. then the arrears of the amount borrowed, plus all other reasonable costs incurred by the creditor in the exercise of any of his rights and remedies in case of default.

XV. separation If any provision of this Agreement or its application is for any reason and to any extent held to be invalid or unenforceable, neither the remainder of this Agreement nor its application to any other person, entity or circumstance shall be affected. , but must instead be enforced to the fullest extent permitted by law.

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XVI. applicable law. This Agreement shall be interpreted and governed by the laws located in [Governing Law] State ("Governing Law").

XVII. heir All of the foregoing is a promise of the Debtor and is binding on the Debtor and the Debtor's heirs, successors and assigns; provided, however, that Lender may not assign any of its rights or assign any of its obligations hereunder without the prior written consent of Owner.

XVIII. Full agreement. This Agreement contains all terms agreed to by the parties relating to its subject matter, including any annexes or additions. This Agreement supersedes all prior discussions, understandings and oral agreements. The debtor and the creditor agree to the terms and conditions and are obliged to repay the loan amount in full.

IN WITNESS WHEREOF, the Debtor and the Creditor have signed this Agreement on the day and year above written.

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The guarantor, known as [GUARANTEE NAME], agrees to be responsible and pay the loan amount, including principal and interest, in case of default by the debtor. The guarantor agrees to be personally responsible for the debtor in accordance with the terms and obligations of this agreement.

By using the website, you accept the use of cookies to analyze website traffic and improve your experience on our website. We have worked closely with legal and regulatory experts to create 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 payment in installments between the creditor (creditor) and the payer (debtor). Let's look at a quick example to illustrate the nature of a payment contract.

Creditors and debtors can be individuals or any business entity. In addition, the payment agreement can be used in personal and business transactions.

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If not managed with the right parameters, payment agreements can quickly spiral into ugly legislation and disputes.

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