Roommate IOU (I Owe You)

I. Acknowledgment of Debt

The Debtor, [ROOMMATE OWING'S FULL NAME], acknowledges and confirms a debt owed to the Creditor, [ROOMMATE OWED'S FULL NAME], in the specified amount of [AMOUNT OWED] (USD). This debt represents the Debtor’s share of cumulative expenses incurred from shared household necessities over the specified period.

II. Debtor's Information

The Debtor provides the following personal and contact information, affirming their identity and facilitating communication regarding any matters related to this IOU:

Residential Address: [ROOM ADDRESS] Contact Email: [DEBTOR'S EMAIL] Phone Number: [DEBTOR'S PHONE NUMBER]

III. Terms of Payment

The Debtor commits to a structured repayment of the total amount of [AMOUNT OWED] (USD) to the Creditor by the agreed-upon date of [PAYMENT DUE DATE]. Payments will be conducted using the following method: [PAYMENT METHOD], which was mutually agreed upon to ensure convenience and proper documentation of each transaction.

IV. Repayment Schedule

The agreed-upon repayment plan is as follows:

• Initial Payment: An initial payment of [INITIAL PAYMENT AMOUNT] is due on [INITIAL PAYMENT DATE].

• Subsequent Payments: Subsequent payments of [SUBSEQUENT PAYMENT AMOUNT] will be due on the [DAY] of each month until the full amount has been repaid.

• Completion of Payment: Full repayment is expected by [FINAL PAYMENT DATE].

V. Interest

To encourage timely repayment and maintain financial fairness, no interest will be charged on the outstanding amount if paid in full by the specified due date of [PAYMENT DUE DATE]. Should there be any delay in repayment, an interest rate of [INTEREST RATE]% per annum may be applied to the remaining balance, incentivizing prompt settlement and reflecting the cost of delayed repayment.

VI. Security

Given the personal nature of the relationship between roommates and the shared living situation, this IOU is unsecured. No assets or collateral will back the repayment of the debt, highlighting the trust and mutual respect inherent in this private agreement.

VII. Governing Law

This Agreement shall be governed and construed in accordance with the laws of [YOUR STATE/PROVINCE], without regards to its conflict of laws principles.

VIII. Signatures

By signing below, both the Debtor and the Creditor affirm their understanding of and agreement to the terms set forth in this IOU Agreement. This signature not only confirms each party's commitment to uphold their financial obligations but also serves as a legal bond between them regarding the repayment terms.

_____________________
[YOUR NAME], Debtor

_____________________
[CREDITOR NAME], Creditor

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