Free Repayment Plan Format Template
Repayment Plan Format
Date: [TODAY'S DATE]
Prepared by: [YOUR NAME], [YOUR POSITION]
Company: [YOUR COMPANY NAME]
Client Name: [CLIENT NAME]
Account Number: [ACCOUNT NUMBER]
1. Overview of the Repayment Plan
This repayment plan has been established between [YOUR COMPANY NAME] and [CLIENT NAME] to provide clear guidelines on repaying the outstanding balance of $[OUTSTANDING BALANCE]. This plan outlines the terms and payment schedule agreed upon by both parties, ensuring that the debt will be fully repaid by the agreed end date.
2. Payment Terms
-
Total Amount Owed: $[OUTSTANDING BALANCE]
-
Interest Rate: [INTEREST RATE]% per annum
-
Start Date of Repayment Plan: [START DATE]
-
End Date of Repayment Plan: [END DATE]
-
Number of Payments: [NUMBER OF PAYMENTS]
-
Payment Frequency: [WEEKLY/BI-WEEKLY/MONTHLY]
-
Payment Due Date: [DUE DATE OF EACH PAYMENT]
3. Payment Schedule
|
Payment No. |
Due Date |
Payment Amount |
Remaining Balance |
|---|---|---|---|
|
1 |
[DUE DATE] |
$[PAYMENT AMOUNT] |
$[REMAINING BALANCE AFTER PAYMENT] |
|
2 |
[DUE DATE] |
$[PAYMENT AMOUNT] |
$[REMAINING BALANCE AFTER PAYMENT] |
|
3 |
[DUE DATE] |
$[PAYMENT AMOUNT] |
$[REMAINING BALANCE AFTER PAYMENT] |
|
... |
... |
... |
... |
|
Final Payment |
[FINAL DUE DATE] |
$[FINAL PAYMENT AMOUNT] |
$0.00 |
4. Payment Method
Payments will be made through one of the following methods:
-
Bank Transfer: Account Number [BANK ACCOUNT NUMBER], Bank [BANK NAME]
-
Check Payment: Payable to [YOUR COMPANY NAME]
-
Online Payment Portal: Accessible at [PAYMENT PORTAL LINK]
Please note that any fees associated with the payment method chosen by [CLIENT NAME] will be their responsibility.
5. Late Payment Policy
If a payment is missed or not received by the due date, [YOUR COMPANY NAME] reserves the right to impose a late payment fee of $[LATE FEE AMOUNT]. Continued missed payments may result in further action, including but not limited to renegotiation of terms or legal action.
6. Early Repayment Policy
[YOUR COMPANY NAME] encourages early repayments and will not impose any penalties for payments made ahead of schedule. If [CLIENT NAME] wishes to repay the outstanding balance early, they should contact [YOUR COMPANY NAME] for an updated payoff amount.
7. Amendments to the Repayment Plan
This repayment plan may only be amended in writing and with mutual consent from both [YOUR COMPANY NAME] and [CLIENT NAME]. Any adjustments to payment amounts, due dates, or the total repayment period will be documented in an updated version of this plan.
8. Signatures
By signing below, [YOUR COMPANY NAME] and [CLIENT NAME] acknowledge and agree to the terms set forth in this repayment plan.
For [YOUR COMPANY NAME]:
[YOUR NAME]
[YOUR POSITION]
Date: [DATE SIGNED]
For Client:
[CLIENT NAME]
Date: [DATE SIGNED]
9. Additional Notes
[ANY ADDITIONAL NOTES OR SPECIAL CONDITIONS]
