A plan prepared by you to pay off an outstanding debt or loan is known as payment plan and payment plan agreement is a legally binding agreement entered into between lender and borrower regarding a loan or debt. It shows in detailed manner that what amount of money the borrower will need to pay and how he or she will pay the amount in full or in installments. In this agreement, the money borrower agrees to pay particular sum of money each month to repay loan or debt in full in order to stay away from any legal action.
Payment plan agreement is a legal document providing benefits to both parties. Often times it is considered as a vital part of loan agreement where the loan taker agrees to the payment terms in order to pay the loan or dent. Not only for loan and debts but a payment plan agreement can also be used to pay amount regarding a sales transaction or deal. For example, as a buyer of home you can enter into the payment plan agreement with the seller to pay the cost of home in easily manageable installments if your financial position is not so good to pay the amount in full at the time of transaction.
Signing a payment plan agreement is also a best option when it comes to pay a specific sum of money as advance to carry out a business transaction or deal. Below you can see a blank payment plan agreement that can be filled with own details to prepare an error free payment plan either for loan, debt or purchase transaction etc. Editable fields and spaces of the template makes it fit for all payment transactions and can be downloaded for free. There are not extra requirement to download the agreement such as signing up for an account.
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