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Debt Resolution Agreement

Debt Resolution Agreement Template for New Zealand

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Key Requirements PROMPT example:

Debt Resolution Agreement

"I need a Debt Resolution Agreement for a small business that owes $75,000 to a supplier, with monthly installment payments starting March 2025 and including provisions for early payment discounts."

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Document background
The Debt Resolution Agreement is a crucial document used in New Zealand when parties seek to formally structure the repayment of outstanding debt. It's particularly valuable when standard payment terms need to be modified or when establishing a formal payment plan for substantial debts. The agreement must comply with New Zealand's legal framework, including the Credit Contracts and Consumer Finance Act 2003, Fair Trading Act 1986, and relevant financial services regulations. This document is essential for businesses and individuals seeking to resolve debt issues while maintaining legal compliance and protecting both creditor and debtor interests. It typically includes detailed payment schedules, interest calculations, default provisions, and may incorporate security arrangements or guarantor provisions where applicable.
Suggested Sections

1. Parties: Identifies the creditor and debtor with full legal names and addresses

2. Background: Outlines the existence of the debt, its origin, and the parties' intention to enter into a resolution arrangement

3. Definitions: Defines key terms used throughout the agreement

4. Acknowledgment of Debt: Formal acknowledgment of the debt amount and its validity

5. Payment Terms: Details of the agreed payment plan including amounts, frequency, and payment methods

6. Interest and Fees: Specifies any ongoing interest charges or fees applicable to the debt

7. Default Provisions: Consequences and remedies in case of payment default

8. General Obligations: Ongoing obligations of both parties during the debt resolution period

9. Termination: Circumstances under which the agreement can be terminated

10. Dispute Resolution: Process for resolving any disputes that arise

11. General Provisions: Standard contract clauses including governing law, notices, and amendments

12. Execution: Signature blocks and execution details

Optional Sections

1. Security Arrangements: Include when specific assets are provided as security for the debt

2. Guarantor Provisions: Required when a third party is guaranteeing the debt

3. Credit Reporting: Include when there are specific agreements about credit reporting during the resolution period

4. Debt Write-Off: Include when part of the debt will be written off upon completion of the payment plan

5. Early Payment Provisions: Include when there are specific terms for early payment or debt settlement

6. Third Party Payments: Include when payments will be made by or through third parties

7. Debt Assignment: Include when there's possibility of debt assignment to other parties

Suggested Schedules

1. Schedule 1 - Debt Details: Detailed breakdown of the debt including principal, interest, fees, and charges

2. Schedule 2 - Payment Schedule: Detailed payment plan showing dates, amounts, and running balance

3. Schedule 3 - Security Details: Description of any security assets and their current valuation

4. Appendix A - Supporting Documents: List of relevant documents evidencing the original debt

5. Appendix B - Direct Debit Authority: Direct debit setup forms if applicable

6. Appendix C - Guarantor Documents: Guarantor identification and acknowledgment forms if applicable

Authors

Alex Denne

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Business Day
Commencement Date
Completion Date
Creditor
Credit Report
Debt
Debt Amount
Debtor
Default Event
Default Interest Rate
Direct Debit Authority
Due Date
Early Payment
Enforcement Action
Event of Default
Guarantor
Initial Payment
Installment
Interest Rate
Late Payment Fee
Original Debt
Outstanding Balance
Parties
Payment Date
Payment Schedule
Payment Terms
Permitted Purpose
Related Documents
Repayment Period
Resolution Amount
Schedule of Payments
Security
Security Interest
Settlement Amount
Settlement Date
Terms and Conditions
Working Day
Relevant Industries

Financial Services

Banking

Debt Collection

Legal Services

Retail

Construction

Manufacturing

Professional Services

Healthcare

Education

Relevant Teams

Legal

Finance

Credit Control

Collections

Risk Management

Operations

Compliance

Treasury

Accounts Receivable

Customer Service

Relevant Roles

Credit Manager

Financial Controller

Collections Officer

Account Manager

Legal Counsel

Risk Manager

Debt Recovery Specialist

Chief Financial Officer

Treasury Manager

Compliance Officer

Finance Director

Credit Analyst

Business Development Manager

Operations Manager

Industries
Credit Contracts and Consumer Finance Act 2003: Primary legislation governing credit contracts and consumer financing in New Zealand, including provisions for debt repayment arrangements and lender responsibilities
Fair Trading Act 1986: Ensures fair trading practices and prohibits misleading and deceptive conduct in trade, including debt collection activities
Property Law Act 2007: Relevant for any secured debts and provides rules regarding the enforcement of security interests
Insolvency Act 2006: Provides framework for personal insolvency and alternatives to bankruptcy, including No Asset Procedures and Summary Installment Orders
Contract and Commercial Law Act 2017: Sets out general principles of contract law and electronic transactions that apply to debt agreements
Privacy Act 2020: Governs how personal information can be collected, used, and disclosed in debt arrangements and credit reporting
Financial Service Providers (Registration and Dispute Resolution) Act 2008: Relevant if the debt agreement involves registered financial service providers and sets out dispute resolution requirements
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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