Self-help templates
Debt Acknowledgement and Repayment Plan
For recording a debt and agreeing how it will be repaid: parties, amount, instalments, interest, default, receipts.
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How to use it
- When: one person owes money to another (a loan to a friend, an unpaid invoice, a shared cost) and both want to record the amount and a realistic plan to pay it back.
- Who signs: the debtor, who acknowledges the debt, and the creditor, who accepts the plan. Each keeps a signed copy.
- Fill in everything in [square brackets] and cross out options that do not apply. Be exact about the amount and the dates.
- Be realistic: a plan the debtor can keep is worth more than a strict one that will be broken. Agree the instalments together.
- Keep proof: pay by bank transfer where you can, and write down every payment. A signed receipt for each payment avoids later disputes.
- Tip: if the debt is large, if a guarantor or security is involved, or if a court case is possible, ask a lawyer to check the document first.
What is inside
- Art. 1. The creditor
- Art. 2. The debtor
- Art. 3. The debt
- Art. 4. Acknowledgement
- Art. 5. Repayment plan
- Art. 6. Interest and charges
- Art. 7. Early repayment
- Art. 8. Default
- Art. 9. Payments and records
- Art. 10. Law, copies and declaration
- Notes on the clauses and a checklist of what to check under your country's law
What these templates are not
- They are self-help templates, not legal advice, and they do not replace a lawyer.
- Laws differ from country to country, and some rules cannot be changed by contract. Each template ends with a checklist of what to check where you live.
- For a high-value or unusual situation, ask a local lawyer or notary to look at the final text.
TheLawToKnow Tools. Self-help template. Not legal advice. Check the law currently in force. Written with the help of AI tools and reviewed by a lawyer-author.