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Paying back debt poses more of a challenge to businesses and individuals as the coronavirus pandemic continues. Consequently, requests for deferral of debt payments are increasing, as well. If... Read More

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Making a Payment Plan

  • What is a Payment Plan?

    Paying back debt poses more of a challenge to businesses and individuals as the coronavirus pandemic continues. Consequently, requests for deferral of debt payments are increasing, as well. If someone owes you a debt and can't make payments on time due to the COVID-19, this document can be used to outline your terms for the deferral and repayment of debt installments.

    If you have questions about collecting debts in light of COVID-19, ask a lawyer or find more resources in our Coronavirus Legal Center.

     

    Use the Payment Plan document if:

    • You are a creditor whose debtor can't pay on time
    • You have been asked by your debtor to defer payments
    • You want to set out the terms of the debt repayment
    • You want to offer a discount in exchange for specific services

    Creating a Payment Plan can help both parties avoid conflict by outlining clear rules for the repayment of deferred debt. This agreement will detail when the deferral period starts, the duration of the deferral period, the installment amount, and when installments are to be paid. The agreement also allows you to offer a discount on deferred debt in exchange for the performance of specialized services or repairs.

    While this document is intended to support those who have been unexpectedly laid off or furloughed due to COVID-19, you should only enter into this agreement if you believe the other party will make a good faith effort to repay the debt.

    Other names for this document: General Repayment Plan, Deferral Agreement, Temporary Reduced Payment Agreement, Deferred Payment Plan

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