Debt repayment agreement template (Repaying borrowed money)
Have an existing debt (no IOU) acknowledged, and set a repayment plan.
Free to read, no sign-up needed
Debt Repayment Agreement (template)
Fill in the “◯” blanks. Party A and Party B are the parties (real names and addresses go in the signature block). This is a general example, not legal advice.
Party B acknowledges owing Party A $◯ as the outstanding balance of borrowed money as of ◯ (date) (the "Debt"). How the Debt arose: ◯ Article 1 (Repayment) Party B shall repay the Debt in monthly installments of $◯, on or before the ◯th day of each month from ◯ (month/year) through ◯ (month/year), by transfer to the bank account designated below by Party A. Transfer fees are borne by Party B. Account: ◯ Bank, ◯ Branch, ordinary account No. ◯ (holder: ◯) Article 2 (Early repayment) Party B may repay all or part of the Debt at any time before it is due. Article 3 (Acceleration) If Party B misses even one installment under Article 1, Party B loses the benefit of time and shall immediately pay the remaining balance in a lump sum. Article 4 (Late-payment damages) If Party B fails to pay, Party B shall pay late-payment damages at ◯% per year, from the day after the due date until payment is complete. Article 5 (Full settlement) Once Party B has repaid the Debt in full, the parties confirm that no other loan-related obligations exist between them beyond those set out in this agreement.
Create an agreement from this template
The creation screen opens with this template filled in. Every party verifies their identity by SMS or photo ID and signs, and the finalized agreement is kept.
Why keep it in Twosure instead of on paper or in a note
- Every party verifies their identity (SMS or photo ID) before signing, so it is harder to claim “I didn’t sign that”.
- Once finalized, it cannot be changed through the app. Share the verification link and a third party can check the content too.
- You don’t have to meet in person: it takes about 5 minutes on a phone.