Free Payment Agreement Template - Installment Payment Plan Form

This Payment Agreement ("Agreement") is entered into as of __________, by and between:

CREDITOR:
____________________________________
____________________________________
____________________________________
Phone: __________ | Email: __________

DEBTOR:
____________________________________
____________________________________
____________________________________
Phone: __________ | Email: __________

1. DEBT ACKNOWLEDGMENT

Debtor acknowledges owing Creditor the sum of $__________ for: [description of debt], originally incurred on __________.

2. TOTAL AMOUNT DUE

The total amount due under this Agreement is $__________, which includes the original debt.

3. PAYMENT SCHEDULE

Installments: __________ payments of $__________ each, payable monthly.

First Payment Due: __________

Final Payment Due: __________

Payment Method: Check

4. LATE PAYMENTS

Payments not received within 5 days of the due date will incur a late fee of $__________.

5. DEFAULT AND ACCELERATION

If Debtor fails to make any payment within 10 days of written notice, the entire remaining balance shall become immediately due and payable.

7. PREPAYMENT

Debtor may prepay this debt in whole or in part at any time without penalty.

8. GOVERNING LAW

This Agreement shall be governed by the laws of the State of __________.

9. ENTIRE AGREEMENT

This Agreement constitutes the entire understanding between the parties and supersedes all prior negotiations regarding this debt.