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Debt Payment Plan Agreement

Debt Payment Plan Agreement Template for Singapore

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Key Requirements PROMPT example:

Debt Payment Plan Agreement

"I need a Debt Payment Plan Agreement for a small business loan of SGD 250,000, to be repaid over 36 months starting March 2025, with quarterly payments and a guarantor provision for the company director."

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Document background
The Debt Payment Plan Agreement is utilized when parties wish to formalize a structured approach to settling an outstanding debt under Singapore law. This document is particularly relevant when the original payment terms need modification or when a debtor requires a more manageable repayment schedule. The agreement combines Singapore's robust financial regulatory framework with practical payment solutions, typically including detailed payment schedules, interest calculations, and default provisions. It's commonly used in both commercial and consumer contexts, providing clear documentation of the debt acknowledgment and new payment terms while ensuring compliance with Singapore's financial regulations and consumer protection laws.
Suggested Sections

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

2. Background: Details of the original debt and circumstances leading to the payment plan

3. Definitions: Key terms used tHRoughout the agreement

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

5. Payment Terms: Detailed payment schedule, amounts, and methods

6. Interest and Fees: Applicable interest rates and additional charges

7. Default Provisions: Consequences of missing payments or breaching the agreement

8. Representations and Warranties: Statements of fact and promises made by both parties

9. Governing Law and Jurisdiction: Specification of Singapore law as governing law and jurisdiction for disputes

Optional Sections

1. Security Provisions: Details of any collateral or security provided when the debt is secured by assets

2. Guarantor Provisions: Terms relating to any guarantors of the debt when a third party guarantees the debt

3. Early Payment Provisions: Terms for early repayment or settlement when early repayment options are offered

4. Insurance Requirements: Required insurance coverage details when insurance is required to secure the debt

5. Force Majeure: Provisions for unforeseen circumstances affecting ability to pay

Suggested Schedules

1. Schedule 1 - Payment Schedule: Detailed breakdown of payment dates and amounts

2. Schedule 2 - Original Debt Documentation: Copies of original loan agreements or debt evidence

3. Schedule 3 - Security Documentation: Details of any security or collateral arrangements if applicable

4. Schedule 4 - Guarantor Documentation: Guarantor agreements and identification documents 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
Applicable Law
Business Day
Commencement Date
Completion Date
Confidential Information
Creditor
Debt
Default
Default Interest Rate
Due Date
Event of Default
Force Majeure
Initial Debt Amount
Installment Payment
Interest Rate
Late Payment Fee
Outstanding Balance
Parties
Payment Date
Payment Method
Payment Schedule
Prepayment
Principal Amount
Repayment Period
Security
Singapore Dollars
Term
Total Repayment Amount
Collateral
Early Repayment
Guarantor
Guarantor Obligations
Insolvency Event
Material Adverse Change
Original Loan Agreement
Secured Assets
Security Documents
Working Hours
Industries

Contracts Act (Cap. 53): Primary legislation governing the formation and enforcement of contracts in Singapore, establishing fundamental principles for contractual agreements

Money-changing and Remittance Businesses Act: Regulates money-changing and remittance transactions, relevant for cross-border debt payments

Banking Act (Cap. 19): Governs banking operations and financial transactions in Singapore

Moneylenders Act (Cap. 188): Regulates licensed moneylenders and related debt agreements, particularly important if the debt involves licensed moneylenders

Bankruptcy Act (Cap. 20): Provides framework for bankruptcy proceedings and must be considered to ensure payment plan doesn't conflict with existing bankruptcy provisions

Insolvency, Restructuring and Dissolution Act 2018: Consolidated legislation dealing with corporate and individual insolvency, restructuring, and dissolution matters

Credit Bureau Singapore Act 2016: Regulates credit reporting agencies and the handling of credit information

Consumer Protection (Fair Trading) Act: Protects consumer interests and ensures fair trading practices in debt agreements

Personal Data Protection Act 2012: Governs the collection, use, and disclosure of personal data in the agreement

Limitation Act (Cap. 163): Establishes time limits for debt collection and legal actions related to debt recovery

MAS Guidelines: Regulatory guidelines issued by the Monetary Authority of Singapore affecting financial transactions and debt arrangements

Rules of Court: Procedural rules governing court proceedings, relevant for enforcement provisions in the agreement

CCAS Code of Conduct: Credit Collection Association of Singapore's guidelines for ethical debt collection practices

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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