Common Contracts
1 similar Installment Payment Agreement contracts
Installment payment agreement template freeInstallment Payment Agreement • May 8th, 2021
A payment agreement outlines an installment plan to repay an outstanding balance that is made over a given time-frame. This is common when an amount is too much to pay for a debtor in a single installment. Therefore, the creditor agrees to make a deal that is affordable under the debtor’s financial situation. It is common for payment agreements to require the debtor to directly pay via credit card or ACH (bank account direct payment) on a recurring basis. By Type (12) A payment plan is a way for someone to pay for something over a length of time. This is often when an amount that is unaffordable to an individual is owed and the creditor allows payment over the course of months or years. Interest Rate Under most payment plans, there is no or little interest as long as payments are made on time. This is a common incentive for the debtor to not default on their payment schedule. If there is a traditional interest rate, it cannot be more than the State Usury Rate. How to Setup a Payment Pl
