# Delinquent Account Agreement
**This Delinquent Account Agreement ("Agreement")** is made and entered into as of the ____ day of ____________, 20___, by and between:
**Creditor:**
[Creditor Name]
[Creditor Address]
[City, State, Zip Code]
[Email Address]
[Phone Number]
**Debtor:**
[Debtor Name]
[Debtor Address]
[City, State, Zip Code]
[Email Address]
[Phone Number]
## 1. Background
The Creditor extends credit to the Debtor under the terms specified in this Agreement due to the Debtor’s delinquent account status. The Debtor acknowledges that they owe the Creditor a total outstanding balance of **$[Amount Owed]** as of the date of this Agreement.
## 2. Acknowledgment of Debt
The Debtor acknowledges and agrees that they are indebted to the Creditor in the amount of **$[Amount Owed]**, which is due and payable as of the date of this Agreement. The Debtor has not made payment as required under the original terms of the credit agreement.
## 3. Payment Plan
The parties agree to a payment plan for the recovery of the delinquent amount:
- **Total Amount Due:** $[Amount Owed]
- **Payment Amount:** $[Amount per Payment]
- **Payment Schedule:** Payments will be made on a recurring basis as follows:
- **First Payment Due:** [Due Date]
- **Subsequent Payments Due:** [Specify Frequency, e.g., Monthly, Weekly, etc.] until the Total Amount Due is paid in full.
## 4. Late Fees
In the event that the Debtor fails to make any payment by the due date, the Creditor may impose a late fee of **$[Late Fee Amount]** for each missed payment.
## 5. Consequences of Default
If the Debtor fails to adhere to the terms of this Agreement and defaults on payments:
- The total outstanding balance will become immediately due and payable.
- The Creditor may pursue legal action to recover the full amount owed.
- Additional collection fees may be incurred.
## 6. Governing Law
This Agreement shall be governed and construed in accordance with the laws of the State of [State].
## 7. Entire Agreement
This Agreement constitutes the entire understanding between the parties regarding the subject matter hereof and supersedes all prior discussions and agreements.
## 8. Acceptance
IN WITNESS WHEREOF, the parties have executed this Delinquent Account Agreement as of the date first above written.
**Creditor Signature:**
__________________________________
[Creditor Name]
Date: _____________________________
**Debtor Signature:**
__________________________________
[Debtor Name]
Date: _____________________________
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This document is intended to serve as a formal agreement between Creditor and Debtor regarding the management of a delinquent account. The parties are encouraged to seek legal advice to ensure their rights are protected.