Fill and Sign the Death to Persons Designated Form

Debt Settlement Agreement Agreement made on _____________ (date) between ________________________ of __________________________________________ (Address), hereinafter referred to as Creditor, and ______________________________________, of ________________________________________ (Address), hereinafter referred to as Debtor. In consideration of this agreement and the sum of Dollars ($__________), to be paid to Creditor by Debtor, Creditor agrees to release and forever discharge Debtor from all claims and demands arising out of the debt hereinafter described. 1. Acknowledgment of Existing ObligationThe parties acknowledge that Debtor is at present indebted to Creditor in the sum of Dollars ($_______________), in connection with the following described obligation: ________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ (Here describe nature of indebtedness, including description of specific contract under which indebtedness was incurred). 2. Agreement for Different Method of PaymentDebtor and Creditor desire, and they agree, to provide for payment of the above-stated indebtedness in accordance with terms and provisions different from, and in substitution of, the terms and provisions for payment of the same contained in the original contract described above in Paragraph One. 3. ConsiderationIn consideration of the mutual promises contained in this agreement, Debtor and Creditor agree as follows: A. Method of PaymentDebtor agrees to pay to Creditor, and Creditor agrees to accept from Debtor, in full satisfaction of the indebtedness described in Paragraph One, above, the sum of _________________________ Dollars ($_______________), as follows: __________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ (Set forth method of payment, including dates and pl
Of payment). B. Amount of paymentdebtor agrees to pay to creditor, and creditor agrees to accept from debtor, in full satisfaction of the indebtedness described in paragraph one, above, the sum of dollars (), as follows: (set forth amount of payment, including dates and pl. Of payment). (4) debts paid at maturity (i) the following are excluded from the definition of “debt": (a) interest payments. (b) payments and advances under an installment purchase contract. (c) any amount which is payable by way of discount or compounded interest, whether the amount is stated in whole or in part, without regard to the commencement or cessation of the use of the debt or the time for payment or the time when the debt becomes due. (d) amount paid or to be paid pursuant to a consumer credit sale and (i) the amount of such sale is not included in the computation of outstanding balances for any time period, (ii) the purchase price of the debt (other than the debt which is purchased in connection with such sale) is included in the computation of outstanding balances for any time period, and (iii) an advance under the sale is included in the calculation of outstanding balances for any time period. (e) any loan which is made, or to be made, under (i) the provisions of section 703(a)(1) or 703(b) of title 18, United States code (as added by section 707 of division b of public law 102-550), (ii) the provisions of section 704a of title 18, United States code (as added by section 728 of division b of public law 102-550), (iii) the federal home loan mortgage corporation act, 16 1467a (as added by section 729(a) of division b of public law 102-550), or (iv) the provisions of any state or local law with respect to credit unions; (f) any interest payments due and owing for more than 45 days. [19 fr 4035, Apr. 1, 1984] § defaults, extensions or cancellations a. Default. (a) the failure of debtor to pay any debt will be deemed to result from default. (b) the failure of debtor to pay an item of debt as required by contract or court order, will be deemed to result from default. 1. Default on an obligation. A default will occur if (i)