CONSIDERING that the guilty party and the due party wish to enter into an agreement under which the offending party pays the due party the sum of the default of a payment plan, in accordance with the conditions set out therein. AMOUNT OF THE STATEMENT. The creditor agrees to accept by the debtor a payment amount of [AMOUNT OF COMPENSATION-DOLLAR] ($[numerical amount in dollars]) as full repayment of the debt incurred to the creditor at the time of this Agreement, subject to the conditions set out in this Agreement. Payments are made according to the schedule set out in Appendix A (the “Settlement Payments”). The establishment of a payment plan requires the agreement of a creditor and a debtor and the setting of the terms in an agreement. In the event of outstanding balances, a payment plan is often the “last chance” for the debtor to settle a debt. After approval of the outstanding balance, the terms of the payment plan should be written in a simple agreement. Often, there is no guarantee mortgaged by the incentive for payment by the debtor, either interest-free payments or total interest. FULL INTEGRATION. This Debt Settlement Agreement supersedes all prior agreements, understandings or negotiations, whether written or oral. Once the balance due has been paid in full, the debtor is exempt from any financial liability. This can be supplemented by a release form and can also be used by the debtor to settle outstanding balances in their credit information. PandaTip: In other words, this agreement is now the debt control agreement and, in any case, the terms of this agreement differ from all the others that have been signed previously, the terms of this agreement are the ones that are used.
For payment plans of more than 10,000 $US, it is recommended that both parties introduce a notary confirmation to the agreement and sign in the presence of a notary. PandaTip: in other words, if necessary, the debtor and creditor will take additional measures to ensure that the debt will be repaid as long as the terms of this agreement are met. After the signature of the creditor and the debtor, the contract becomes final. This debt settlement agreement (the “Agreement”) sets out the terms that govern the contractual agreement between [the company] having its registered office [address] (the debtor) and [company] having its registered office [address] (the “creditors”) that agree to be bound by this agreement. . . .