The following release instructions will help you understand the terms of your debt settlement agreement. DEBT RECOGNITION. The debtor agrees and acknowledges that he is fully liable to the creditor. In the event of late payment, the aforementioned repayment plan automatically becomes null and void and the total amount due to the creditor is therefore due immediately. In addition, the buyer automatically pays the creditor default interest in the amount of ___ [rate equivalent to at least three times the annual legal rate in force in France] and a minimum compensation of 40 (forty) euros at immediate maturity, without the need for a warning. The creditor also has the right to terminate the new sales contract concluded with the buyer, notwithstanding the other provisions of the aforementioned franchise agreement. If you put yourself in debt, sending a debt settlement letter to creditors can work to reduce your debt, as is the case for many people who want to eliminate debt. See what you can do to get your finances and life back on track. Consequently, the parties have decided to conclude the debt repayment agreement, hereinafter referred to as `the Arrangement`, including the recitals and annexes incorporated therein which are indivisible. The creditor may accept the designation of the buyer in place of the debtor in the territory, provided that (1) the debtor and the buyer agree on the terms of this transaction and that the creditor is free from any act or claim in the matter; 2) the buyer undertakes to repay the debt and 3) the creditor and the buyer conclude a new franchise agreement.
This document contains all the details necessary to record in writing the terms of an agreement between a debtor and a creditor to remedy a debt due. First, the document describes all relevant identification details, such as the respective addresses of the parties, contact details and the names of the legal representatives (if any). This agreement allows both parties to negotiate and reach a consensus on a smaller amount of money that the debtor will pay to pay to pay the debt. In this way, the debtor can afford to repay the debt and reduce its impact on the health of the credit, while the creditor can accept a smaller amount to offset some of its losses. This Agreement may be used either to record in writing the terms of the agreement negotiated by the Parties or it may be used for one Contracting Party to propose to the other Party the terms of the correction of the outstanding debt. Several pieces of information are needed to balance the text of this Agreement. At the beginning, we will consolidate the parties who intend to conclude this contract. First, we identify the creditor. That is, the party that holds the debt.
Note the legal name of the creditor in the first space of the first paragraph. Next, document the creditor`s address with the second empty line. Finally, for the third and fourth voids, the city and state associated with the creditor`s address must be indicated. Then we identify the debtor. It is the party who is required to pay the debt owed to the creditor. We need to document the same information that is reported about the creditor in the rest of this paragraph. Look for the fifth space in this paragraph, and then document the debtor`s full name. Continue the debtor`s report with his address, city and state of residence in the sixth, seventh and eight spaces. Several additional domains also require information, starting with “I.
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