What is a Debt Compromise Agreement Template ?
Debt Compromise Agreement Template can be used when creditor agrees to relinquish a specific percentage of the outstanding amount. He agrees to accept a lower final figure for the overall amount owed.
A Debt Settlement Agreement is a formal agreement between a debtor and a creditor in which the debtor promises to pay the creditor the amount owed to him.
It is sometimes referred to as a Debt Compromise Agreement. This agreement can be legally enforced by printing it on non-judicial stamp paper, affixing the stamp duty as required by state law, and signing it with the signatures of both parties.
Why use a Debt Compromise Agreement Template ?
The advantages for the debt compromise agreement are :
For the most part, the avoidance of court trials benefits the debtor.
A fixed portion of the sum is guaranteed to the creditor.
The document itself acts as evidence when required.
Format: Microsoft Word (.doc) (.docx) and Google Docs
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