A Sample Payment Plan Contract has three basic components. It has to be clearly stated that every person being served by the plan will pay a fixed amount, no matter how much or how little the bill is. The plan also has to specify that the obligation of the third party on whom the person is paying a loan may become the responsibility of that person in return for their payment.
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That is why the third party agrees to give his agreement to the person he is paying and that is why the third party gets authorization from the creditor to do so. The third party is also required to clear out the money from his savings if he has one. Most commonly this arrangement, known as a debt settlement, is used for educational purposes. In this case, however, two independent parties stand to lose financially.
Someone does not have enough money to repay all the creditors, even if they should owe so much. Someone has to get out of debt and settle with them. The person who wants to pay at least some amount of debt can settle with the creditors and get the money from him; while the person who wants to pay less can go for a settlement.
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In the case of the first one, the third party might have to go to court and convince the judge that they are obliged to pay the creditor’s late fees. In the latter case, the person who is going to get out of debt has to prove to the court that they cannot afford to pay more and are going to go for a settlement.
A careful reading of the plan would suggest that it is unnecessary to provide the name of the third party in which the agreement is being made. The third-party can be any company you like and can be named anyhow. In general, the third-party should be the creditor, who is asked to reimburse the money that the debtor receives from the creditors.
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The signing of the contract is as simple as a signature and there is no mention of the signature being used as a verification that the signature belongs to the person making the signature. The signature should be a good one, since signing a bogus document can lead to lots of trouble.
The provisions mentioned above are what agree very hard to break. There are many advantages of opting for a settlement, both financial and non-financial, but most importantly there is no need to lose your home, your health, and your assets.
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