The Arrears Repayment Agreement is a crucial document used in New Zealand when formalizing arrangements for the repayment of outstanding debts. It's particularly relevant when a debtor has fallen behind on payments and needs to establish a structured plan to clear their arrears. The agreement must comply with New Zealand legislation, including the Credit Contracts and Consumer Finance Act 2003 and the Contract and Commercial Law Act 2017. This document typically includes detailed payment schedules, interest calculations, default provisions, and hardship clauses. It's commonly used by financial institutions, utilities companies, and other creditors to document repayment arrangements while protecting both parties' interests under New Zealand law. The agreement should be drafted with consideration of the latest regulatory requirements and best practices in debt collection and consumer protection.
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1. Parties: Identifies and defines all parties to the agreement, including full legal names, addresses, and any relevant registration numbers
2. Background: Outlines the context of the debt, including its origin, current amount, and any previous payment history or arrangements
3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty
4. Acknowledgment of Debt: Formal acknowledgment of the debt amount, including any interest and fees accrued
5. Repayment Terms: Details of the repayment schedule, including payment amounts, frequency, and method of payment
6. Interest and Fees: Specification of any ongoing interest charges and fees applicable during the repayment period
7. Default Provisions: Consequences of missing payments or breaching the agreement terms
8. General Terms: Standard contract terms including notices, amendments, governing law, and dispute resolution
9. Execution: Signature blocks and execution requirements for all parties
1. Security Provisions: Include when the repayment is secured against specific assets or requires guarantors
2. Hardship Provisions: Include when there's a need to specify processes for handling future financial hardship
3. Early Repayment: Include when early repayment options and any associated fees or discounts are offered
4. Debt Write-off Conditions: Include when partial debt write-off is offered subject to compliance with repayment terms
5. Credit Reporting: Include when specific agreements about credit reporting during the repayment period are needed
6. Third Party Authorizations: Include when third parties (like financial advisors or family members) are authorized to act on behalf of the debtor
1. Schedule 1 - Debt Breakdown: Detailed breakdown of the total debt amount, including principal, interest, and any fees
2. Schedule 2 - Payment Schedule: Detailed payment schedule showing dates, amounts, and running balance
3. Schedule 3 - Direct Debit Authority: Direct debit authorization form if automatic payments are being set up
4. Appendix A - Supporting Documents: Copies of relevant documents evidencing the original debt
5. Appendix B - Hardship Application Form: Standard form for applying for hardship variations to the agreement
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Banking
Credit Unions
Debt Collection
Real Estate
Retail
Telecommunications
Utilities
Professional Services
Healthcare
Education
Relevant Teams
Legal
Finance
Collections
Credit Management
Customer Service
Risk Management
Compliance
Operations
Accounts Receivable
Debt Recovery
Relevant Roles
Credit Manager
Collections Officer
Financial Controller
Accounts Receivable Manager
Legal Counsel
Debt Recovery Specialist
Customer Relations Manager
Risk Assessment Officer
Compliance Officer
Financial Advisor
Credit Analyst
Operations Manager
Contract Administrator
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