This payment plan agreement is made by and between
[Debtor.FirstName][Debtor.LastName], with an address at [Debtor.StreetAddress], [Debtor.City], [Debtor.State][Debtor.PostalCode] referred to as the “Debtor,”
[Creditor.FirstName][Creditor.LastName] with an address at [Creditor.StreetAddress], [Creditor.City], [Creditor.State][Creditor.PostalCode] referred to as the Creditor, collectively referred to as “Parties,” and is made effective on the (date).
The Debtor agrees to pay the Creditor an amount of $(insert amount) in a structured payment plan according to the terms and conditions provided below. This sum responds to (add services or goods if applicable, e.g., a car), and at the time of the agreement, the Debtor owes $(insert amount) to the Creditor.
Both parties agree to the following payment plan until the debt is completely paid off: (Describe the payment plan)
The total amount of $(insert amount) will be paid with installments of $(insert amount) to be paid on (insert the day, e.g., the first of each month, bi-weekly), and with an interest rate of (insert number)% compounded annually. The payment method will be (add method).