Agreement to Compromise Debt

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This Agreement to Compromise Debt is between a creditor and a debtor who agrees to accept a certain amount in compromise of total payment of a debt. This agreement sets forth the specific amount paid in compromise and that no further collection action will be taken if the compromise amount is timely paid.

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This Agreement to Compromise Debt is between a creditor and a debtor who agrees to compromise a debt under specific terms and conditions. This agreement sets out the current amount of the outstanding debt and the sum the creditor agrees to take as full repayment of this debt. It also sets forth that no further collection action will be taken and that this agreement will terminate if the debtor fails to pay the settlement amount by a specific due date. It is imperative that this agreement be memorialized in writing and not via oral agreement. A written Agreement to Compromise Debt will prove invaluable in the event there are disagreements or misunderstandings about the terms of this arrangement.

This Agreement to Compromise Debt contains:
  • Parties: Names of both the creditor and the debtor;
  • Outstanding Debt: Balance of debt and the amount the creditor agrees to accept in full settlement;
  • Failure to Pay: Sets forth that this agreement will terminate if the debtor fails to make the agreed payment and the outstanding amount will immediately be demanded;
  • Signatures: This agreement must be signed by both parties.

Protect yourself and your rights by purchasing this attorney-prepared form.

This attorney-prepared package includes:
  1. General Information
  2. Instructions and Checklist
  3. Agreement to Compromise Debt
State Law Compliance: This form complies with the laws of all states
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.
 
 
Agreement to Compromise Debt

 

 

_________________ (“Creditor”) and ______________ (“Debtor”) hereby agree to compromise the debt under the following terms and conditions:
Recitals:
1.   Debtor needs to pay the Creditor a sum of ___________.
2.   Debtor is unable to make payments to the Creditor due to ______________.
3.   In the interest of both parties, Debtor desires to make an agreement with Creditor to settle the outstanding debt.
Agreement:
Both the parties agree as follows:
1.   The current outstanding debt is $________ (balance amount).
2.   Creditor will accept a sum of $_________ as full repayment of the debt by the Debtor and consents to compromise the debt under the condition that the Creditor will receive the settled amount by [date].
3.   The settled amount shall be considered as paid in full and Creditor will take no further collection action on receiving the settled amount.
4.   If the Debtor fails to pay the settled amount by [date], the agreement shall be terminated immediately and the Creditor shall immediately demand the outstanding amount owed by the Debtor in full.
The agreement shall be binding upon and have effect to the benefit of the parties, their successors, and assigns.
The agreement shall be governed in accordance with the laws of ________________.
CREDITOR                  DEBTOR
 
___________________________________      ____________________________________
Name: _____________________________      Name: ______________________________
Title: ______________________________      Title: _______________________________
Date: ______________________________      Date:  ______________________________
Number of Pages5
DimensionsDesigned for Letter Size (8.5" x 11")
EditableYes (.doc, .wpd and .rtf)
UsageUnlimited number of prints
Product number#43612
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.
 
 
Agreement to Compromise Debt

 

 

_________________ (“Creditor”) and ______________ (“Debtor”) hereby agree to compromise the debt under the following terms and conditions:
Recitals:
1.   Debtor needs to pay the Creditor a sum of ___________.
2.   Debtor is unable to make payments to the Creditor due to ______________.
3.   In the interest of both parties, Debtor desires to make an agreement with Creditor to settle the outstanding debt.
Agreement:
Both the parties agree as follows:
1.   The current outstanding debt is $________ (balance amount).
2.   Creditor will accept a sum of $_________ as full repayment of the debt by the Debtor and consents to compromise the debt under the condition that the Creditor will receive the settled amount by [date].
3.   The settled amount shall be considered as paid in full and Creditor will take no further collection action on receiving the settled amount.
4.   If the Debtor fails to pay the settled amount by [date], the agreement shall be terminated immediately and the Creditor shall immediately demand the outstanding amount owed by the Debtor in full.
The agreement shall be binding upon and have effect to the benefit of the parties, their successors, and assigns.
The agreement shall be governed in accordance with the laws of ________________.
CREDITOR                  DEBTOR
 
___________________________________      ____________________________________
Name: _____________________________      Name: ______________________________
Title: ______________________________      Title: _______________________________
Date: ______________________________      Date:  ______________________________

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