Document background
A Repayment Plan Agreement is essential when parties wish to formalize arrangements for paying off an existing debt in installments under English and Welsh law. This document is commonly used when a debtor requires a structured approach to clearing their debt, or when a creditor wishes to ensure regular payments through a legally enforceable agreement. The agreement typically includes detailed payment schedules, interest provisions, and default terms, while ensuring compliance with UK consumer protection legislation and FCA guidelines. It serves as a crucial tool for debt management and provides clarity and security for all parties involved.
