Sample Debt Repayment Contract

This Debt Repayment Contract ("Contract") is entered into as of [Date] by and between [Creditor's Full Name], residing at [Creditor's Address] ("Creditor"), and [Debtor's Full Name], residing at [Debtor's Address] ("Debtor").

1. Background

1.1 Purpose: The purpose of this Contract is to outline the terms and conditions for the repayment of a debt incurred by the Debtor to the Creditor.

1.2 Original Debt: The original debt amount is $[Original Debt Amount], which the Debtor acknowledges as owed to the Creditor.

2. Payment Terms

2.1 Repayment Amount: The total repayment amount will be $[Total Repayment Amount], which includes the original debt plus any interest or fees.

2.2 Payment Schedule: The Debtor agrees to repay the total amount in [Number] installments. Each installment will be $[Installment Amount], and payments will be made on the [Day] of each month, starting from [Start Date].

2.3 Payment Method: Payments will be made via [Payment Method], including but not limited to bank transfer, check, or online payment.

2.4 Late Fees: If the Debtor fails to make a payment by the due date, a late fee of $[Late Fee Amount] will be charged for each missed payment.

3. Interest and Fees

3.1 Interest Rate: The debt will accrue interest at a rate of [Interest Rate]% per annum.

3.2 Additional Fees: Any additional fees incurred due to late payments or other issues will be the responsibility of the Debtor.

4. Default

4.1 Default Definition: The Debtor will be considered in default if any payment is more than [Number] days late, or if the Debtor fails to comply with any other term of this Contract.

4.2 Consequences of Default: In the event of default, the remaining balance of the debt will become immediately due and payable. The Creditor reserves the right to take legal action to recover the unpaid balance.

5. Modifications

5.1 Changes to Terms: Any modifications to this Contract must be made in writing and signed by both parties.

5.2 Waiver: No waiver of any term of this Contract will be deemed a waiver of any other term or condition.

6. Governing Law

6.1 Applicable Law: This Contract will be governed by and construed in accordance with the laws of the State of [State/Country].

6.2 Jurisdiction: Any disputes arising under or in connection with this Contract will be subject to the exclusive jurisdiction of the courts in [Jurisdiction].

7. Miscellaneous

7.1 Entire Agreement: This Contract constitutes the entire agreement between the parties regarding the subject matter and supersedes all prior agreements or understandings.

7.2 Severability: If any provision of this Contract is found to be invalid or unenforceable, the remaining provisions will continue in full force and effect.

7.3 Signatures: This Contract is signed by the parties as of the date first written above.

Creditor:
Signature: ___________________________
Printed Name: [Creditor's Full Name]
Date: ___________________________

Debtor:
Signature: ___________________________
Printed Name: [Debtor's Full Name]
Date: ___________________________