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Debt Consolidation Agreement

Debt Consolidation Agreement Template for Malaysia

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Key Requirements PROMPT example:

Debt Consolidation Agreement

"I need a Debt Consolidation Agreement to combine three personal loans totaling RM150,000, secured against my property in Kuala Lumpur, with a fixed interest rate of 6.5% and repayment period of 7 years starting March 2025."

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Document background
The Debt Consolidation Agreement serves as a crucial financial instrument in the Malaysian market for individuals or organizations seeking to streamline multiple debt obligations into a single, manageable loan. This document becomes necessary when a borrower has multiple outstanding debts with various creditors and wishes to simplify their repayment structure, potentially securing more favorable terms. The agreement must comply with Malaysian financial regulations, including the Financial Services Act 2013, Contracts Act 1950, and relevant consumer protection laws. It typically includes detailed schedules of existing debts, new repayment terms, interest calculations, and may incorporate security arrangements or guarantees. The document is particularly relevant in scenarios involving personal loans, credit card debt, or business liabilities that need restructuring.
Suggested Sections

1. Parties: Identification of the borrower, primary lender/consolidator, and any guarantors

2. Background: Context of the existing debts and purpose of consolidation

3. Definitions: Key terms used throughout the agreement including financial and technical terms

4. Consolidation Amount: Total amount of debt being consolidated and breakdown of constituent debts

5. Terms of Consolidation: New interest rate, repayment period, and consolidated payment structure

6. Repayment Terms: Detailed payment schedule, method of payment, and payment allocation

7. Borrower's Representations and Warranties: Borrower's declarations regarding financial status and existing debts

8. Lender's Rights and Obligations: Responsibilities and rights of the consolidating lender

9. Events of Default: Circumstances constituting default and consequences

10. Remedies: Actions available to lender in case of default

11. General Provisions: Standard clauses including notices, amendments, and governing law

12. Execution: Signature blocks and attestation requirements

Optional Sections

1. Security Arrangements: Include when the consolidated debt is secured by assets or guarantees

2. Credit Insurance: When insurance is required or offered as part of the consolidation

3. Early Repayment Terms: Include if early repayment options are available

4. Multiple Creditor Provisions: Required when multiple original creditors are involved in the consolidation

5. Debt Management Program: Include if the consolidation is part of a formal debt management program

6. Change in Circumstances: Provisions for handling changes in borrower's financial situation

7. Creditor Release Provisions: Terms for releasing original creditors when applicable

Suggested Schedules

1. Schedule A - Existing Debts: Detailed list of all debts being consolidated including creditor details, outstanding amounts, and original terms

2. Schedule B - Payment Schedule: Comprehensive repayment schedule showing installment amounts and due dates

3. Schedule C - Security Details: Description of any security or collateral provided

4. Schedule D - Original Creditor Confirmations: Written confirmations from original creditors regarding the consolidation

5. Appendix 1 - Calculation of Interest: Methodology for calculating interest on the consolidated amount

6. Appendix 2 - Required Documents: List of supporting documents provided by borrower

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions






























Clauses




























Relevant Industries

Banking and Financial Services

Consumer Finance

Legal Services

Debt Management

Credit Counseling

Insurance

Financial Technology

Consumer Protection

Relevant Teams

Legal

Credit Risk

Consumer Banking

Compliance

Collections & Recovery

Financial Advisory

Corporate Finance

Customer Service

Operations

Document Management

Relevant Roles

Credit Manager

Loan Officer

Financial Advisor

Debt Counselor

Legal Counsel

Compliance Officer

Risk Manager

Banking Manager

Collections Manager

Credit Analyst

Financial Controller

Consumer Banking Officer

Debt Restructuring Specialist

Corporate Finance Manager

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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