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    Debt Settlement Agreement

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    Rochedale Colasi
    This document is a debt settlement agreement between a debtor and creditor. The debtor acknowledges being indebted to the creditor for a specified amount. The creditor agrees to accept a lower payment amount as full repayment of the debt, according to an agreed upon payment date. If the debt is not paid in full, the debtor's house will be transferred to the creditor. The agreement establishes the terms of repayment and consequences for non-payment, and both parties sign acknowledging their agreement.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Debt Settlement Agreement

    Uploaded by

    Rochedale Colasi
    8K views2 pages
    This document is a debt settlement agreement between a debtor and creditor. The debtor acknowledges being indebted to the creditor for a specified amount. The creditor agrees to accept a lower payment amount as full repayment of the debt, according to an agreed upon payment date. If the debt is not paid in full, the debtor's house will be transferred to the creditor. The agreement establishes the terms of repayment and consequences for non-payment, and both parties sign acknowledging their agreement.

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    DEBT SETTLEMENT AGREEMENT

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    This document is a debt settlement agreement between a debtor and creditor. The debtor acknowledges being indebted to the creditor for a specified amount. The creditor agrees to accept a lower payment amount as full repayment of the debt, according to an agreed upon payment date. If the debt is not paid in full, the debtor's house will be transferred to the creditor. The agreement establishes the terms of repayment and consequences for non-payment, and both parties sign acknowledging their agreement.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    8K views2 pages

    Debt Settlement Agreement

    Uploaded by

    Rochedale Colasi
    This document is a debt settlement agreement between a debtor and creditor. The debtor acknowledges being indebted to the creditor for a specified amount. The creditor agrees to accept a lower payment amount as full repayment of the debt, according to an agreed upon payment date. If the debt is not paid in full, the debtor's house will be transferred to the creditor. The agreement establishes the terms of repayment and consequences for non-payment, and both parties sign acknowledging their agreement.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    of 2

    DEBT SETTLEMENT AGREEMENT

    KNOW ALL MEN BY THESE PRESENTS:

    This Agreement made and entered into this ____ day of ____________ at
    Legazpi City, Philippines by and between:

    _____________________________________, Filipino Citizen,


    of legal age, with residence and postal address at
    ___________________________________________,
    hereinafter referred to as the "DEBTOR".

    -and-

    _____________________________________, Filipino Citizen,


    of legal age, with residence and postal address at
    ___________________________________________,
    hereinafter referred to as the "CREDITOR".

    WHEREAS, the Debtor is indebted to the Creditor in the amount of


    _________________________________________________ Philippine Currency
    _____________________________________________ and

    WHEREAS, the Creditor wishes to settle the Debt in full according to the terms
    of this Debt Settlement Agreement.

    NOW, THEREFORE, In consideration of the mutual covenants and promises


    made by the parties hereto, the Debtor and the Creditor covenant and agree
    as follows:

    ACKNOWLEDGMENT OF DEBT. The Debtor agrees and acknowledges that it


    is indebted to the Creditor in the full amount of the Debt.

    SETTLEMENT OF DEBT.
    a. The Creditor agrees to accept from the Debtor, payment amount of
    _________________________________________________ Philippine Currency
    _____________________________________________ as full repayment of the
    Debt outstanding to the Creditor at the date hereof, subject to the terms
    and conditions of this Agreement. Payments shall be made according to
    the date agreed by the parties which is due on
    ___________________________.
    b. Non-payment of the debt in full will guarantee the Debtor the transfer of
    his/her house situated in Brgy. Divino Rosto to the Creditor.

    TIME IS OF THE ESSENCE. The Parties agree and acknowledge that time is of
    the essence with regard to the Debt Settlement Payments.

    NO MODIFICATION UNLESS IN WRITING. No modification of this Agreement


    shall be valid unless in writing and agreed upon by both Parties.

    FULL INTEGRATION. This Debt Settlement Agreement supersedes any prior


    agreements, understandings, or negotiations, whether written or oral.

    1 DEBT SETTLEMENT AGREEMENT


    FURTHER ASSURANCES. The Parties shall make any further assurances as
    may be necessary to implement and carry out the intent of this Agreement.

    VENUE. Any dispute that might arise thereof shall be exclusively filed in the
    Courts of Legazpi City to the exclusion of all other courts.

    IN WITNESS WHEREOF, each of the Parties has executed this Debt Settlement
    Agreement, both Parties by its duly authorized officer, as of the day and year
    set forth below.

    __________________________ __________________________

    DEBTOR CREDITOR

    SIGNED IN THE PRESENCE OF:

    ___________________________ __________________________

    Republic of the Philippines)


    _____________________ )s.s.

    ACKNOWLEDGEMENT

    BEFORE ME, this _____ day of _______________, 20____, at


    _______________________, Philippines, personally appeared:

    NAME DATE AND PLACE VALID ID


    OF ISSUE
    ____________________ ___________________________ _______________________

    ___________________ __________________________ ______________________

    all are known to me and to me known to be the parties who have executed this
    foregoing DEBT SETTLEMENT AGREEMENT, consisting of three (3) pages
    including this Acknowledgement where it is written and signed by the parties
    and their instrumental witnesses on the left hand margin on each page and
    further acknowledged to me that the same is their free and voluntary act and
    deed.

    WITNESS MY HAND AND NOTARIAL SEAL, on the date and place


    above-written.

    Doc No. ____;


    Page No. ____; NOTARY PUBLIC
    Book No. ____;
    Series of 20___.

    2 DEBT SETTLEMENT AGREEMENT

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