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Letter For Agreement Of Payment for the United Kingdom

Letter For Agreement Of Payment Template for England and Wales

A Letter for Agreement of Payment is a formal document under English and Welsh law that establishes a legally binding arrangement between a creditor and debtor regarding the settlement of an outstanding debt. The document outlines specific payment terms, schedules, and conditions, providing both parties with clear documentation of their obligations and rights. It serves as evidence of the debt acknowledgment and the agreed method of repayment, which can be enforced through the courts if necessary.

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Letter For Agreement Of Payment

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What is a Letter For Agreement Of Payment?

The Letter for Agreement of Payment is commonly used when parties need to formalize payment arrangements for existing debts. This document, governed by English and Welsh law, provides a structured approach to debt settlement, particularly useful in commercial and private arrangements. It includes essential details such as payment schedules, interest rates, and consequences of default. The document helps prevent future disputes by clearly documenting the agreed terms and provides legal protection for both parties. It's particularly valuable when regular installment payments are required or when formalizing verbal agreements about debt repayment.

What sections should be included in a Letter For Agreement Of Payment?

1. Date and Address Details: Current date and full contact details of both parties including names, addresses, and reference numbers

2. Outstanding Amount: Clear statement of the total amount owed, including any interest or fees accrued to date

3. Payment Terms: Detailed payment schedule, including specific amounts, due dates, and any installment arrangements

4. Method of Payment: Agreed payment method(s) and complete banking or payment processing details

5. Acknowledgment: Formal confirmation of the debt and agreement to pay according to the specified terms

What sections are optional to include in a Letter For Agreement Of Payment?

1. Interest Terms: Details of any interest charges, including rates and calculation methods for late payments

2. Default Provisions: Specific consequences and procedures in case of payment default

3. Original Debt Details: Information about how the debt originated, including dates and circumstances

4. Previous Communications: Reference to any prior payment discussions or agreements

What schedules should be included in a Letter For Agreement Of Payment?

1. Payment Schedule: Detailed breakdown of payment installments, amounts, and due dates

2. Original Invoice(s): Copies of all relevant invoices relating to the outstanding debt

3. Statement of Account: Current statement showing all transactions, payments, and remaining balance

Authors

Alex Denne

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

Jurisdiction

England and Wales

Document Type

Payment Agreement

Sector

Banking

Cost

Free to use
Relevant legal definitions



















Clauses




















Industries

Late Payment of Commercial Debts (Interest) Act 1998: Key legislation governing statutory interest on late payments in commercial transactions. Sets out default interest rates and compensation terms for late payments.

Limitation Act 1980: Establishes time limits for bringing claims, generally 6 years for simple contracts and debts. Critical for determining and stating when payments become due and when claims become time-barred.

Contracts (Rights of Third Parties) Act 1999: Governs how third parties may be affected by or enforce contractual terms. Important when considering whether to explicitly exclude third party rights in payment agreements.

Consumer Credit Act 1974: Regulates credit agreements and provides consumer protection measures. Applicable if the payment agreement involves consumer credit arrangements.

Common Law Principles: Fundamental legal principles including consideration, intention to create legal relations, capacity to contract, and offer and acceptance requirements.

Law of Property (Miscellaneous Provisions) Act 1989: Specifies requirements for contracts relating to land or property, particularly regarding written documentation requirements.

Unfair Contract Terms Act 1977: Ensures contract terms are fair and reasonable, particularly important when dealing with consumers. Regulates what terms can be included in contracts and their enforceability.

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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