The debt settlement contract is a contract between a creditor and a debtor to renegotiate or compromise a debt. This is usually the case when a person intends to make a final payment for a debt owed. The debtor proposes a payment less than the outstanding (usually between 50% and 70%) if payment can be made immediately. In a summary judgment, a court will consider only the liquid document – the signed AOD – as evidence (at first glance) that the debtor is the creditor`s fault and renders his judgment against the debtor. The judgment allows the creditor to obtain an execution warrant to place the debtor`s property sold by the sheriff at a public auction. Additional payment. After payment by the debtor, the creditor does everything in its power to withdraw unpaid debts from the credit institutions. In addition, the creditor states that it will not provide any additional information that could adversely affect the debtor`s credit report. In the event of a late payment, the above repayment plan is automatically cancelled and the total amount of the credit is immediately refunded. In addition, the buyer automatically owes the buyer late penalties of `at least three times the annual legal interest rate in France` and a minimum collection fee of 40 (40) euros, which is due by remedies without the need to recall it.
The creditor is also authorized to terminate the new distribution contract with the purchaser, notwithstanding the other provisions of the above-mentioned franchising agreement. FULL INTEGRATION. This debt settlement contract replaces all previous agreements, agreements or negotiations, written or orally. However, with an AOD in hand, a creditor may be able to obtain a speedy judgment against the debtor, which is characterized as summary judgment in judicial rules. Several pieces of information will be needed to balance the text of this agreement. In the beginning, we will consolidate the parties who intend to enter into this contract. First, we will identify the creditor. That is, the party that holds the debt. Write down the creditor`s legal name on the first space of the first paragraph. Then, with the second empty line, document the address of the creditor`s street.
Finally, the third and fourth empty posts will need the city and the state linked to the creditor`s designated road address. Then we will identify the debtor. This is the party that is required to repay the debts outstanding to the creditor. We must document the same information about the creditor in the rest of this paragraph. Then, if you are looking for the fifth empty space in this paragraph, document the debtor`s full name. Continue the debtor`s report with his address, city and state of residence on the sixth, seventh and eight empty spaces. In other areas, information is also needed, starting with the date of « I. Validity Date. » This is the date on which the terms of this agreement act or take effect. Save the name of the month, the double-digit day and the double-digit year on the first calendar day during which the agreement becomes active. Then, in « II. Current debt » we will have to document the full current debt that the debtor is obliged to pay the creditor.
Use the empty line placed in this statement after the dollar symbol to save this amount of money. The third point, « III.