Free Payment Plan Agreement Template
Flexible payment plan agreement between two parties — written, signed, and clear.
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PAYMENT PLAN AGREEMENT Date: [Date] Between: PAYER: [Full Name], [Address], [Email] | [Phone] PAYEE: [Full Name / Business], [Address], [Email] | [Phone] 1. PURPOSE This agreement sets out the terms under which the Payer will repay [$ Total Amount] owed to the Payee for [reason — e.g. "unpaid invoice INV-0042 dated [Date]" / "personal loan made on [Date]"]. 2. TOTAL AMOUNT Principal owed: [$ Amount] Interest (if any): [$ Amount] at [X%] per [month/year] Total payable: [$ Total] 3. PAYMENT SCHEDULE The Payer will pay the Total in [number] equal instalments of [$ Amount] each, on the [day] of each month, as follows: Instalment 1: [Date] — [$ Amount] Instalment 2: [Date] — [$ Amount] Instalment 3: [Date] — [$ Amount] [Continue as required] Final Instalment: [Date] — [$ Amount] 4. PAYMENT METHOD All payments will be made by [bank transfer / standing order] to: Bank: [Name] Account name: [Name] Account number: [Number] Sort code / Routing: [Code] Reference: [Agreement reference] 5. EARLY REPAYMENT The Payer may pay any or all of the outstanding balance early at any time without penalty. 6. MISSED PAYMENTS If a payment is not received within [7 days] of the due date, the Payer agrees to notify the Payee in writing. If a payment is missed without notification or arrangement, the full outstanding balance may become immediately due and the Payee may pursue legal recovery. 7. ENTIRE AGREEMENT This document represents the entire agreement between the parties on this matter, replacing any prior verbal or written arrangements. Signed: PAYER: ______________________________ Date: __________ [Print name] PAYEE: ______________________________ Date: __________ [Print name] WITNESS (optional): _______________________ Date: __________