The Partial Payment Installment Agreement serves as a formal arrangement when full immediate payment of a debt is not feasible. Used extensively in England and Wales, this agreement enables debtors to repay obligations in manageable portions while providing creditors with legally enforceable payment terms. The document typically includes payment schedules, default provisions, interest calculations, and any security arrangements, making it suitable for various commercial and consumer contexts. It complies with relevant legislation including the Consumer Credit Act 1974 and the Late Payment of Commercial Debts (Interest) Act 1998.
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1. Parties: Identifies and defines the parties to the agreement
2. Background: States the context and purpose of the installment agreement
3. Definitions: Defines key terms used throughout the agreement
4. Payment Terms: Details of payment amounts, frequency, and due dates
5. Default Provisions: Consequences of missing payments or breaching agreement
6. Governing Law: Specifies applicable law and jurisdiction
1. Interest Provisions: Terms relating to interest charges on outstanding amounts. Include when interest is to be charged.
2. Security Provisions: Details of any collateral or security for the debt. Include when payment is secured against assets.
3. Early Payment Provisions: Terms for early repayment of the outstanding amount. Include when early repayment is permitted.
1. Payment Schedule: Detailed breakdown of payment dates and amounts
2. Calculation of Interest: Method of interest calculation and applicable rates
3. Security Details: Detailed description of any security or collateral provided
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