DEBT COLLECTION AGREEMENT

This Debt Collection Agreement ("Agreement") is entered into on [Date] between [Creditor Name], an individual/organization with a registered address at [Creditor Address], hereinafter referred to as the "Creditor," and [Your Company Name], a debt collection agency registered under the laws of [Jurisdiction] with a registered address at [Your Company Address], hereinafter referred to as the "Agency."

1. SCOPE OF SERVICES

The Agency agrees to provide comprehensive debt collection services to the Creditor, including but not limited to, contacting debtors via written correspondence, phone calls, and in-person visits, negotiating repayment plans or settlements, and, if necessary, initiating legal action to recover outstanding debts. These services shall be conducted in compliance with all relevant laws and regulations governing debt collection practices.

2. COMPENSATION

In consideration of the services provided by the Agency, the Creditor agrees to compensate the Agency based on the terms specified in this agreement document, which may include a [percentage/flat fee/hourly rate]. Payment from the Creditor will be made on a [monthly/quarterly/annual] basis or upon successful collection of the debt.

3. RESPONSIBILITIES

a. Creditor Responsibilities

• The Creditor shall provide the Agency with accurate and up-to-date information regarding the debts owed, including debtor contact information, amounts owed, and any relevant documentation.

• The Creditor agrees to cooperate with the Agency in any legal proceedings related to debt collection, including providing testimony or evidence if required.

• The Creditor shall promptly notify the Agency of any changes to the status of the debts or debtor information that may affect the collection process.

b. Agency Responsibilities

• The Agency shall use its best efforts to collect the debts owed to the Creditor on time, employing professional and ethical debt collection practices at all times.

• The Agency shall comply with all applicable laws and regulations governing debt collection practices, including but not limited to, the Fair Debt Collection Practices Act (FDCPA) and any state-specific regulations.

• The Agency shall keep the Creditor informed of any significant developments or actions taken regarding the debt collection process, providing regular updates and reports as requested by the Creditor.

4. TIMELINES

While the parties agree to work diligently and efficiently to pursue the collection of debts, specific timelines for debt collection efforts may vary depending on factors such as the nature of the debts, debtor cooperation, and the effectiveness of collection strategies employed by the Agency. The parties shall communicate regularly to assess progress and adjust strategies as necessary to maximize the likelihood of successful debt recovery.

5. DISPUTE RESOLUTION

In the event of any disputes arising under this Agreement, the parties agree to first attempt to resolve the matter amicably through good faith negotiations. If a resolution cannot be reached, either party may pursue legal remedies as provided for under applicable law, with any disputes to be resolved through arbitration by the rules of [Arbitration Institution].

6. GOVERNING LAW

This Agreement shall be governed by and construed by the laws of [Jurisdiction]. Any disputes arising under or in connection with this Agreement shall be subject to the exclusive jurisdiction of the courts of [Jurisdiction].

7. ENTIRE AGREEMENT

This Agreement constitutes the entire agreement between the parties to the subject matter hereof and supersedes all prior agreements and understandings, whether written or oral, relating to such subject matter. No modification, amendment, or waiver of any provision of this Agreement shall be effective unless in writing and signed by both parties.

8. EXECUTION

his Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute the same instrument. This Agreement may be executed and delivered electronically and in counterparts, and by facsimile or other electronic transmission, with the same effect as if manually executed and delivered.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement this [Insert Date].

[Creditor Name]

[Your Name]

Agreement Templates @ Template.net