Free Debt Repayment Agreement Template
Debt Repayment Agreement
This Debt Repayment Agreement (“Agreement”) is made and entered into on January 1, 2050, by and between:
Lender:
Name: [Your Name]
Address: 123 Main Street, Metropolis, NY 10001
Phone: (555) 123-4567
Email: [Your Email]
Borrower:
Name: Jane Doe
Address: 456 Elm Street, Gotham, NY 10002
Phone: (555) 987-6543
Email: janedoe@example.com
1. Loan Amount
The Borrower acknowledges that they owe the Lender the amount of $10,000 (the “Debt”).
2. Repayment Terms
The Borrower agrees to repay the Debt as follows:
-
Repayment Period: The Debt shall be repaid for 12 months.
-
Installment Amount: The Borrower agrees to pay $833.33 per month, beginning on February 1, 2050, until the full amount is paid off.
-
Final Payment Date: The final payment shall be made no later than January 31, 2051.
3. Interest
-
The Debt shall not accrue interest.
4. Payment Method
Payments shall be made via:
-
Bank Transfer to Account Number: 987654321 (Bank Name: Future Bank).
5. Late Payments
If the Borrower fails to make a payment on time:
-
A late fee of $50 may be assessed.
-
The Lender reserves the right to demand immediate payment of the remaining balance.
6. Prepayment
The Borrower may prepay the remaining balance at any time without penalty.
7. Default
If the Borrower fails to make payments as agreed, the Lender may:
a) Declare the entire balance due immediately.
b) Take legal action to collect the Debt.
8. Governing Law
This Agreement shall be governed by the laws of New York, USA.
9. Entire Agreement
This Agreement represents the entire understanding between the parties and supersedes any prior agreements.
Signatures
Lender:
Name: [Your Name]
Date: January 1, 2050
Borrower:
Name: Jane Doe
Date: January 1, 2050
