"*" indicates required fields CreditorFull Name*AddressPhone Number*Email Address*DebtorFull Name*AddressPhone Number*Email Address*Outstanding DebtDate MM slash DD slash YYYY AmountDescription Of DebtPayment Plan TermsTotal Amount DueInitial Payment AmountInitial Payment Date MM slash DD slash YYYY Subsequent Payments AmountSubsequent Payments Date MM slash DD slash YYYY Subsequent Payments Per Weekly Monthly Final Payment Due Date MM slash DD slash YYYY (This will be the date the debt is fully paid off)Method of Payment Bank Transfer Cheque Cash Other Method of Payment*Bank NameAccount NameBSBAccount NumberLate Payments In the event that the debtor fails to make any payment by the agreed due date, a late fee of $[Amount] will be charged, and the creditor reserves the right to: Require immediate full payment of the remaining balance of the debt; or Take legal action to recover the debt if payments are not brought up to date within [number] days of the missed payment. Early Repayment The debtor has the right to repay the outstanding debt in full at any time before the final payment due date, without incurring additional charges or penalties. Modification of Payment Plan This agreement can be modified only with the written consent of both parties. If circumstances arise that make it difficult for the debtor to meet the payment terms, the debtor must notify the creditor in writing and request a modification of the payment plan. Default of Payment If the debtor defaults on the payment plan, the creditor has the right to take appropriate legal action to recover the full debt, including but not limited to court proceedings and collection agencies. Any legal fees and costs incurred will be added to the outstanding balance. Acknowledgment By signing this Agreement, both parties acknowledge and agree to the terms set forth above. This Agreement shall remain in effect until the debt is paid in full, including any interest, fees, or costs incurred. Dispute Resolution In the event of a dispute regarding this Agreement, both parties agree to attempt to resolve the matter through informal negotiation. If the dispute cannot be resolved informally, both parties agree to seek mediation before taking further legal action.PhoneThis field is for validation purposes and should be left unchanged.
