Past Due Payment Arrangement Agreement

Past Due Payment Arrangement Agreement for the United States

Past Due Payment Arrangement Agreement Template for United States

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Key Requirements PROMPT example:

"Need a Past Due Payment Arrangement Agreement for a medical facility patient who owes $25,000 in unpaid bills, to be paid in monthly installments of $2,500 starting March 2025, with a 5% interest rate and default provisions if payments are missed."

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What is a Past Due Payment Arrangement Agreement?

The Past Due Payment Arrangement Agreement is essential when parties need to formalize terms for settling overdue payments in the United States. This document is commonly used when standard payment terms have not been met and parties wish to create a structured repayment plan. It includes specific payment schedules, interest rates (if applicable), and default provisions while ensuring compliance with both federal and state regulations. The agreement provides protection for both creditor and debtor by clearly documenting the terms of repayment and consequences of non-compliance.

What sections should be included in a Past Due Payment Arrangement Agreement?

1. Parties: Identification of creditor and debtor with full legal names and addresses

2. Background: Details of original debt, current amount owed, and circumstances leading to arrangement

3. Definitions: Key terms used throughout the agreement including Payment Terms, Original Debt, and Default

4. Payment Terms: Specific payment schedule, amounts, methods of payment, and due dates

5. Default Provisions: Consequences of missing payments or breaching agreement, including remedies and cure periods

6. Governing Law: Specification of applicable state law and jurisdiction

7. Signatures: Execution block for all parties with date and witness requirements

What sections are optional to include in a Past Due Payment Arrangement Agreement?

1. Interest Rates: Terms for interest charges, including rate calculation and application to outstanding balance

2. Security: Details of any collateral or security arrangements securing the debt

3. Early Payment Provisions: Terms for early payoff options and treatment of additional payments

4. Dispute Resolution: Procedures for handling disputes and specified mediation or arbitration processes

5. Representations and Warranties: Statements of fact and promises made by both parties regarding the debt and their capacity

What schedules should be included in a Past Due Payment Arrangement Agreement?

1. Schedule A - Payment Schedule: Detailed calendar of payment dates, amounts, and running balance

2. Schedule B - Original Debt Documentation: Copies of original agreements, invoices, or other debt evidence

3. Schedule C - Statement of Account: Current balance, payment history, and breakdown of principal and interest

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Agreement

Past Due Amount
Payment Schedule

Business Day
Effective Date
Outstanding Balance

Clauses

Relevant Industries

Financial Services
Retail
Healthcare
Education
Professional Services

Relevant Teams

Finance
Accounts Receivable
Legal
Credit Control
Customer Service

Relevant Roles

Credit Manager
Accounts Receivable Manager
Financial Controller
Collections Specialist
Finance Director

Industries

Fair Debt Collection Practices Act (FDCPA): Federal law that regulates debt collection practices and prohibits deceptive, unfair, and abusive collection practices. Must be considered when drafting payment arrangement terms and communications requirements.

Truth in Lending Act (TILA): Federal law requiring clear disclosure of lending terms and costs. Relevant for including accurate interest rates and payment terms in the agreement.

Fair Credit Reporting Act (FCRA): Federal law governing the collection, dissemination, and use of consumer credit information. Important for provisions related to credit reporting of payment arrangements.

Consumer Credit Protection Act: Federal law protecting consumers in credit transactions. Includes provisions for credit cost disclosure and restrictions on garnishment.

Bankruptcy Code provisions: Federal laws governing bankruptcy proceedings that may affect the enforceability and terms of payment arrangements, particularly if the debtor files for bankruptcy.

State Usury Laws: State-specific regulations governing maximum allowable interest rates and related charges. Must be consulted to ensure interest rates in payment arrangements comply with state limits.

State Debt Collection Regulations: State-specific rules governing debt collection practices, which may impose additional requirements beyond federal regulations.

State Contract Laws: State-specific requirements for contract formation, enforcement, and remedies that affect the structure and terms of the agreement.

State Consumer Protection Laws: State-specific regulations protecting consumers from unfair or deceptive practices in commercial transactions, including debt collection.

State Statute of Limitations: State-specific time limits for bringing legal action to collect a debt, which may affect the enforceability of the payment arrangement.

Uniform Commercial Code (UCC): Standardized commercial laws adopted by states, particularly Articles 2 and 9, governing sales and secured transactions respectively.

Statute of Frauds: Legal requirement that certain contracts must be in writing to be enforceable, including provisions for signatures and essential terms.

Contract Formation Elements: Basic legal requirements for valid contract formation including offer, acceptance, consideration, and capacity of parties to contract.

Consumer Disclosure Requirements: Legal obligations to provide clear, conspicuous disclosure of payment terms, conditions, default provisions, and consumer rights in the agreement.

Dispute Resolution Procedures: Legal framework for handling disputes, including requirements for notice, cure periods, and specified procedures for resolving disagreements.

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