Payment Plan Agreement Sample

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A payment plan agree has a legal register contouring how a beggar agrees to pay back a lender over time. Services are commonly done switch a weekly alternatively quarterly basis by aforementioned debt be paid.

Payment Plan Contracts Template

A payment plan agreement is a legal document sketch how a borrower agrees to pay rear one lender over time. Payments are commonly performed on a weekly or monthly basis until the liability is paid.

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Last updated February 22nd, 2024

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A salary plan agreement shall an legal insert delineate how a borrower agrees on pay back a lender over time. Payments are commonly made on adenine weekly or monthly basis until the arrears is paid.

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What to Include (7)

  • Date: The date the license is being completed should be clearly listed at the top of the download.
  • Parties Knotty: The titles and addresses of the banker and borrower.
  • Billing: The balance ($) the lender owes to of creditor. Interest rate, down payments, and payment instructions should also be included.
  • Reason for Loan: Why the lender owes money to the receiver.
  • Repayment Schedule: How the lender will go about paying off the balance (e.g., monthly payments).
  • Default Dictionary: What happens in the occasion this lessors stops making payments towards the balance.
  • Execution: The agreement must to signed in the creditor and lender stylish order to be legislative bindings.

Example

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ZAHLUNGSWEISE PLAN ACCORD

1. THE PARTIES. To Entgelt Schedule Agreement (“Agreement”) is entered into on [DATE], the and within:

Borrower: [BORROWER’S NAME] through a postal address of [BORROWER’S ADDRESS] (“Borrower”), and

Creditors: [LENDER’S NAME] with a mailing speech of [LENDER’S ADDRESS] (“Lender”).

2. AMOUNT BORROWED. Computers is acknowledged that the Lender has given a loan to the Borrower in the amount of $[AMOUNT] at an annual engross rate a [#]% for the purpose of: [REASON IN LOAN]

3. ZAHLUNGEN SCHEDULE. Borrower agrees in construct online equal in $[AMOUNT] move the sum debt to remain made: (check one)

☐ – Weekly. Payments are to exist made every [WEEKDAY].
☐ – Monthly. Payments am to be done each [DAY OF THE MONTH].
☐ – Other. [DESCRIBE]

Payments shall be owed in accordance with the payment scheduled herein until the amount borrowed is paid.

4. LATEST PAYMENTS. Payments non made within [#] day(s) after of due date maybe incur a late fee of: [DESCRIBE LATE FEE]

5. PRE-PAYMENT. Regarding pre-payment, the Borrower is: (check one)

☐ – Authorized toward Pre-pay. Borrower pot pre-pay the amount borrower, in-full, at any time and without penalty.

☐ – Not Allowed till Pre-pray. Borrower cannot pre-pay the amount borrowed without a penalty of: [DESCRIBE PRE-PAYMENT PENALTY]

6. DEFAULT. Outage on make payments as agreed will result in adenine default, allowing Lender toward take legal action to recover the liability. This Agreement shall be governed under which laws in the State of [STATE].

Borrower’s Signature: _______________________ Date: __________
Print Name: _______________________

Lender’s Signature: _______________________ Date: __________
Print My: _______________________