Debt Repayment Agreement Template Uk

After payment. Once payment has been made by the debtor, the creditor must make every effort to remove the outstanding debt from the credit bureaus. In addition, the creditor declares that it will not provide additional information that could affect the debtor`s credit information. The lender can terminate the term of the loan and request immediate repayment in case of delay of the borrower, that is, when the borrower does not pay the amount due or does not comply with a provision of the loan agreement. DEBT RECOGNITION. The debtor agrees and acknowledges that he is fully liable to the creditor. Debt – A promise of payment made by a debtor and a creditor lending money. Several pieces of information are needed to balance the text of this Agreement. At the beginning, we will consolidate the parties who intend to conclude this contract.

First, we identify the creditor. That is, the party that holds the debt. Note the legal name of the creditor in the first space of the first paragraph. Next, document the creditor`s address with the second empty line. Finally, for the third and fourth voids, the city and state associated with the creditor`s address must be indicated. Then we identify the debtor. It is the party who is required to pay the debt owed to the creditor. We need to document the same information that is reported about the creditor in the rest of this paragraph. Look for the fifth space in this paragraph, and then document the debtor`s full name. Continue the debtor`s report with his address, city and state of residence in the sixth, seventh and eight spaces. Several additional areas also require information, starting with “I date of entry into force”.

This is the date on which the terms of this Agreement become active or effective. Note the monthly name, the double-digit day, and the two-digit year of the first calendar day on which the agreement becomes active. Then, in “II. Current debt”, we need to document the entire current debt that the debtor is required to pay. Use the blank line that will be placed in this instruction after the dollar character to record this amount of money. The third point, “III. Settlement Debt”, requests the amount of adjusted debt set for the purposes of this document, which will be made available in the blank line. This is the amount of money that the debtor has agreed to pay in the manner defined here in exchange for the cancellation of the creditor`s debt.

Enter this amount in the blank line after the dollar character in this section. The section entitled “IV. The payment has been formulated in such a way as to determine how the amount of the transaction is to be paid to the debtor.. . . .