People borrow money for many reasons. In business, loans and debts are essential for a company’s start-up. For most people, they get a loan to buy a property or support their education. So long as the debtor can handle their debts properly, there won’t be any problem. But debt management can be tricky. Usually, this ends up with several debts stacking up into an overwhelming amount, which becomes a problem to both debtor and creditor. That is why, to avoid debt non-payment and delinquency, debt agreements are created and signed by both parties.
Sample Debt Agreements
Creating a written agreement will help creditors manage and settle debts with their debtors by making them pay a percentage of their total debt over time. By doing so, this assists creditors in collecting their payment by reminding their debtors about their unpaid dues.
To know more about debt agreement, feel free to check out some of these amazing examples of debt agreements below.
1. Sample Debt Agreement
Debts come in different forms. A few examples are secured debt, unsecured debt, revolving debt, and mortgages. But they have one thing in common, and it’s the payment due date. For most people who plan to purchase a real estate property, mortgages, in particular, are the best option for most clients because their monthly payments are affordable. The Sample Debt Agreement shown above focuses on a mortgage agreement between the Federal Mortgage Association and the Holders of the Notes.
2. Sample Debt Settlement Agreement
Some people can get into a lot of trouble because of having a significant amount of debt. You are probably wondering, “How are they going to get through this dilemma?” Lucky for them, some companies offer debt settlement agreements that allow them to pay a settlement to resolve their debt. It can be risky if the debtor is not familiar with the transaction or if they do not have enough funds to continue the agreement. But on the bright side, they can avoid bankruptcy and can relieve themselves from an overwhelming amount of debt.
3. Sample Agreement for Debt Collection Services
It is inevitable for lending companies to encounters debtors who are late payers with several overdue credit card balances in their accounts. In these cases, it is time to hire debt collectors (companies that collect unpaid debts for other parties) to manage their outstanding debts. This strategy is cheaper than pursuing debtors with delinquent accounts on their own because it’s time-consuming and costly for their part. This sample agreement for debt collection services template (shown above) comes in handy for lending companies who wish to hire the assistance of a debt collector to pursue delinquent payers.
4. Sample Debt Collection Services Agreement
When loans are unsecured, it is hard for creditors to collect their investments, especially if their debtors have no money to repay their debts. To avoid this scenario, creditors require the service of debt collectors to pursue the payments owed by individuals. This sample agreement provides detailed information on the responsibilities of a debt collector with the specifications of their services’ terms and conditions.
5. Sample Loan-Debt Agreement
Usually, businesses raise their capital using debts or equity. For lenders, having debt security during a loan agreement contract is safer for their part because this serves as collateral for trading in case their debtor fails to repay the needed amount on time. Bonds, certificates of deposits, commercial paper, and debentures are some examples of debt securities. The Sample Loan-Debt Agreement provides detailed content on the process and conditions of applying for secured debt.
6. Sample Delinquent Debt Collection Agreement
Delinquent debt are a headache to most lending institutions because this can disrupt the flow of their funds for future debt transactions. But there is a way to recover from a delinquent debt and defaulted debts. This sample delinquent debt collection agreement’s purpose is to serve as a binding agreement allowing the creditor the right and obligation to collect unpaid debts from their debtor.
7. Sample Cooperation Agreement for Debt Collection
Starting a corporation needs a considerable sum of money as a start-up. And where do most partnerships go to raise that much budget? Obviously, from loans. But before they can apply for a loan request form, they need to sign a cooperation agreement for debt collection to document their transaction. This sample agreement provides a well-defined content of the terms and conditions of the debt collection process. It even includes the extent of the loan and the obligation of the debt collection service.
8. Sample State Debt Collection Agreement
The budget for the creation of schools, roads, and investments for other infrastructures in the community comes from construction loans rather than the citizens’ annual tax collections and additional revenues. This makes infrastructure projects more affordable without pressuring the state’s allocated budget for a specified year. The Sample State Debt Collection Agreement specifies both the duties of the lending agency and the government agency during their transaction, as well as the legal requirements needed for the agreement to take effect.
9. Sample Agreement to Compromise Debt
Compromising a debt allows an individual to settle their tax debts for less than the entire amount they owe. But only if they cannot pay the full amount of their tax liability for the time being. This policy is not applicable if the applicant is under an open bankruptcy proceeding. And like other debt agreements, the debtor can choose to pay in lump sum cash or a periodic payment. With a sample settlement agreement like the Sample Agreement to Compromise Debt (shown above), you can make a clear description of the binding agreement between the creditor and debtor who wishes to settle the debt through a debt compromise.
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