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The Debt Payment Plan Agreement is essential when parties wish to formalize arrangements for repaying outstanding debts in manageable installments. This document, governed by English and Welsh law, is commonly used when a debtor cannot immediately repay the full amount owed but demonstrates willingness to settle the debt through regular payments. The agreement includes crucial details such as payment schedules, interest calculations, default provisions, and early repayment options. It ensures compliance with the Consumer Credit Act 1974 and other relevant legislation while providing legal protection for all parties involved.
