A debt agreement is for people with lower incomes who can`t pay what they owe. But there are consequences. Several pieces of information are needed to balance the text of this Agreement. At the beginning, we will consolidate the parties who intend to conclude this contract. First, we identify the creditor. That is, the party that holds the debt. Note the legal name of the creditor in the first space of the first paragraph. Next, document the creditor`s address with the second empty line. Finally, for the third and fourth voids, the city and state associated with the creditor`s address must be indicated. Then we identify the debtor. It is the party who is required to pay the debt owed to the creditor.
We need to document the same information that is reported about the creditor in the rest of this paragraph. Look for the fifth space in this paragraph, and then document the debtor`s full name. Continue the debtor`s report with his address, city and state of residence in the sixth, seventh and eight spaces. Several additional areas also require information, starting with “I date of entry into force”. This is the date on which the terms of this Agreement become active or effective. Note the monthly name, the double-digit day, and the two-digit year of the first calendar day on which the agreement becomes active. Then, in “II. Current debt”, we need to document the entire current debt that the debtor is required to pay. Use the blank line that will be placed in this instruction after the dollar character to record this amount of money. The third point, “III. Settlement Debt” requests the amount of adjusted debt set for the purposes of this document made available in the blank line.
This is the amount of money that the debtor has agreed to pay in the manner defined here in exchange for the cancellation of the creditor`s debt. Enter this amount in the blank line after the dollar character in this section. The section entitled “IV. The payment was formulated in such a way as to determine how the amount of the transaction is to be paid to the debtor. A number of control boxes have been made available so that this can be achieved effectively. Check the box “cheque”, “bank transfer”, “certified cheque” or “cash” to indicate how the debtor must pay the creditor. If none of them define how the transaction amount is to be paid, select the “Other” box and indicate the payment instructions that the creditor expects from the debtor when they file the required payment. The following sentence on this point will attempt to consolidate the date on which the creditor is to receive the transaction amount from the debtor. . . .