Free Monthly Payment Plan Agreement Format Template
Monthly Payment Plan Agreement Format
This Monthly Payment Plan Agreement ("Agreement") is entered into by and between:
Creditor: [Creditor’s Full Name]
Address: [Creditor’s Address]
Phone Number: [Creditor’s Phone Number]
Debtor: [Debtor’s Full Name]
Address: [Debtor’s Address]
Phone Number: [Debtor’s Phone Number]
Effective Date: [Effective Date of Agreement]
Amount Owed: $[Total Amount Owed]
1. Payment Plan Terms
The Debtor agrees to pay the Creditor the total amount of $[Total Amount Owed] through monthly installments, as follows:
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Monthly Payment Amount: $[Amount per Payment]
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Due Date of Payments: [Day of the month] (e.g., the 1st of every month)
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Start Date of Payments: [Start Date]
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End Date of Payments: [End Date, if applicable]
2. Payment Method
Payments will be made via the following method:
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[Bank Transfer/Check/Credit Card/Other Payment Method]
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Account Number (if applicable): [Account Number]
3. Late Payment
If any payment is not made by the agreed due date, the Debtor will be subject to:
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A late fee of $[Amount] for each missed payment.
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[Other penalties, if any].
4. Prepayment
The Debtor may prepay the balance in full or make larger payments than the agreed monthly installment without penalty. Any early payment will reduce the total amount owed and the remaining monthly payments will be adjusted accordingly.
5. Failure to Pay
If the Debtor fails to make [number of missed payments] consecutive payments, the full balance of the debt will become due immediately. The Creditor may also pursue other legal remedies available under the law.
6. Modification of Payment Terms
Any changes to the terms of this Agreement must be made in writing and signed by both parties.
7. Governing Law
This Agreement will be governed by and construed under the laws of the state of [State], and both parties consent to the jurisdiction of the courts in [City/State].
8. Signatures
Creditor:
Signature: ________________________
Printed Name: _____________________
Date: _____________________________
Debtor:
Signature: ________________________
Printed Name: _____________________
Date: _____________________________
