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_______________, referred to as CREDITOR and __________________, referred to as DEBTOR, agree:
CREDITOR, hereby agrees to compromise the indebtedness due the CREDITOR on the following terms and conditions:
1. The Creditor and the Debtor agree that the present debt due is $ _______ (____________________________________ &___/100 dollars).
2. The parties agree that the Creditor shall accept the sum of $ _______ (_____________________________________&___/100 dollars) as full payment on said debt and in complete discharge of all moneys due, provided the sum herein shall be promptly paid in the following manner: ____________________________________________________________
3. In the event the Debtor fails to promptly pay the compromised amount, the undersigned creditor shall have the right to prosecute its claim for the total debt due under Paragraph 1 less any payments made.
4. This Agreement shall be binding upon and inure to the benefit of the parties, their successors and assigns.
Signed and sealed this ____day of _____, 20__.
_______________________________ By Creditor
_______________________________ By Debtor
Debt Compromise AgreementReview List
This review list is provided to inform you about this document in question and assist you in its preparation. Get this document in place prior to sending money to a creditor. A creditor is well advised to get this document in place before finalizing an agreement.
1. Make multiple copies. Give one to each signatory.
What else can I help you with?
What compromise led the acceptance of hamilton's plan of reducing the national debt?
The Compromise of 1790 led to the acceptance of Alexander Hamilton's plan for reducing the national debt. This compromise was the first big compromise reached by the new government in America.
What is the purpose of a Part 9 Debt Agreement?
The Part Nine Debt Agreement states that the debt agreement shall appear in one's credit history for seven years. In addition, the debtor's name will be on the NPII list forever.
What was the compromise reached about hamiltons debt plan?
The compromise regarding Hamilton's debt plan, known as the Compromise of 1790, involved an agreement between Alexander Hamilton, Thomas Jefferson, and James Madison. Hamilton's plan to assume state debts was accepted in exchange for relocating the nation's capital from New York City to a more southern location along the Potomac River, which eventually became Washington, D.C. This compromise helped unify the federal government by addressing both fiscal stability and regional interests.
What compromise led to acceptance of Hamiltons plan for reducing the national debt?
The Compromise of 1790 led to the acceptance of Alexander Hamilton's plan for reducing the national debt. This compromise was the first big compromise reached by the new government in America.
Does an offer-in-compromise really provide relief for tax debt like the commercials claim?
An offer in compromise is an agreement with the IRS to pay less tax than you owe. These are agreements are few and far between these days. With the growing deficit the government is being very aggressive at collecting taxes these days.
What is a Reaffirmation agreement in chapter 7 bankruptcy?
A reaffirmation agreement is an agreement between the debtor and the lender that the underlying debt with not be discharged in bankruptcy. The debtor will remain personally liable for repaying the debt even after the bankruptcy.
What is it called to stop paying off debt?
To stop paying on a debt is to "Default" on the credit agreement.
Is it better to fax an agreement to compromise debt to the collection agencies or mail it certified or should you speak verbally first?
If the collection agency is doing the faxing fine. But if you are trying to make an agreement after talking to them first, then I would send it certified. That way you have proof that a person had to sign for it and you have that name if you are told that they haven't received it.
Debt Settlement Agreement?
Get StartedA Debt Settlement Agreement can be used to define settlement terms between businesses or individuals. The Debt Settlement Agreement defines the original amount owed, the final amount to be paid as agreed by all parties, and the last date for payment to be made. Optional sections in this agreement cover liability and confidentiality as well.
Do you have to pay a debt when the credit agreement has gone?
If by 'gone' you mean the agreement is missing than it may be deemed unenforceable and the debt can be cancelled by a court. This only applies in the UK as far as I am aware though.
What is negotiating discharge of debt through compromise?
I really don't understand what you can possibly not understand about the term. To arrange to pay less than you owe, by agreement. A Negotiation. Probably something like you will pay this X amount now, they will accept it as payment in full. Or you would pay nothing (or less than X) and they can hope to get the rest another way. Which is a compromise.
How can personal debt be transferred to an LLC?
Personal debt can be transferred to an LLC by having the LLC assume the debt through a formal agreement or by using the LLC's assets to pay off the personal debt.
