Debt Settlement Agreement

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Debt Settlement Agreement

Whereas _______________________________ has a debt in the amount of ____________________ owed to _______________________________.

Whereas _______________________________ has been delinquent in payment of this debt since __________________ and has thus accrued late fees in the amount of _______________.

Whereas _______________________________ wishes to resolve this debt swiftly and amicably.

_______________________________ has completed the paperwork necessary for the debt settlement process.

Now, therefore, both parties agree to the following as a settlement of this debt:

_______________________________ will pay _________ each ___________ until the newly agreed upon amount of ___________ has been satisfied in its entirety.

Failure on the part of _______________________________ to make these new payments on time and in full will result in breach of this contract, and will allow _______________________________ to assess late fees of ___________ every ____________.

Consistent failure to make payments gives _____________________________ cause and justification to begin debt collection proceedings immediately, and to pursue any legal avenues in the appropriate courts of law in the state of _________________.

Repayment will begin on _________________.

____________________________                                  ____________________________
Debtor Name                                                                     Debtor Signature

Date:

____________________________                                  ____________________________
Creditor Name                                                                   Creditor Signature

Date:

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