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Debt Compromise Agreement Form
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Debt Compromise Agreement Form

Debt Compromise Agreement Form

Text version of this Form

_____________________________ (referred to as CREDITOR) and __________________ (referred to as DEBTOR) agree as follows::

CREDITOR, hereby agrees to compromise the indebtedness due the CREDITOR on the following terms and conditions:

1. The Creditor and the Debtor agree that the present debt due is $ _______ (____________________________________ &___/100 dollars).

2. The parties agree that the Creditor shall accept the sum of $ _______ (_____________________________________&___/100 dollars) as full payment on said debt and in complete discharge of all moneys due, provided the sum herein shall be promptly paid in the following manner: ___________________________ .

3. In the event the Debtor fails to promptly pay the compromised amount, the undersigned creditor shall have the right to prosecute its claim for the total debt due under Paragraph 1 less any payments made.

4. This Agreement shall be binding upon and inure to the benefit of the parties, their successors and assigns.

Signed this ____day of ____________, 20__.

_______________________________
CREDITOR

_______________________________
DEBTOR

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