Learn how to write a simple debt agreement letter. Use our sample debt agreement letter as a template for your agreement letter.
Simple Debt Agreement Letter Sample
FULL NAME OF PAYEE
FULL NAME OF PROMISOR
DATE OF LOAN
DATE REPAYMENT IS DUE
TOTAL AMOUNT DUE
TERMS OF AGREEMENT:
I, [FULL NAME], borrowed [$500] from [FULL NAME] on [DATE]. We both agreed that the money would be repaid in a series of scheduled payments.
I, [FULL NAME], will repay the loan with a personal check in a series of [$100] payments every month for five months starting [DATE].
The payments will be given to [FULL NAME] on the first of every month beginning with June 1st with the last payment being made on October 1st.
I, [FULL NAME], will pay a [$5] per day late charge for any payments that are not on time as agreed until the loan is paid in full.
The payee and the promisor agree to the payment agreement terms listed above.
[Signature of Promisor, DATE]
Printed full name and address, email address, phone number of promisor
[Signature of Payee, DATE]
Printed full name and address, email address, phone number of payee
[Signature of Witness(s) DATE]
Printed full name and address, email address, phone number of witness(s)