The Arrears Repayment Agreement is utilized when a debtor has fallen behind on their payment obligations and both parties wish to formalize an arrangement for clearing the outstanding debt. This document is particularly relevant in the Australian financial and business context, where it must comply with strict consumer protection laws and financial services regulations. It is commonly used by financial institutions, businesses, and individuals to document the agreed terms for repaying overdue amounts, including specific payment schedules, interest calculations, and consequences of default. The agreement should incorporate provisions from the National Consumer Credit Protection Act 2009 and related Australian legislation, ensuring fair treatment of debtors while protecting creditors' interests. This document is essential for managing debt recovery while maintaining compliance with Australian regulatory requirements and best practices in debt collection.
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1. Parties: Identifies and defines the creditor and debtor, including full legal names, addresses, and any relevant registration numbers
2. Background: Outlines the circumstances leading to the debt, reference to original agreement, and current arrears situation
3. Definitions: Defines key terms used throughout the agreement
4. Acknowledgment of Debt: Formal acknowledgment of the debt amount, including principal, interest, and any fees
5. Repayment Terms: Details of the repayment schedule, including payment amounts, frequency, and method of payment
6. Interest and Fees: Specifies any ongoing interest charges, fees, or charges applicable during the repayment period
7. Default Provisions: Consequences of missing payments or breaching the agreement
8. Termination: Circumstances under which the agreement can be terminated by either party
9. Governing Law: Specifies that Australian law governs the agreement and jurisdiction for disputes
10. Execution: Signing provisions and attestation requirements
1. Guarantor Provisions: Required when a third party is guaranteeing the repayment obligations
2. Security Provisions: Included when specific assets are provided as security for the debt
3. Hardship Provisions: Additional terms dealing with potential future financial hardship
4. Insurance Requirements: Included when insurance must be maintained on secured assets
5. Dispute Resolution: Detailed dispute resolution procedures beyond standard court jurisdiction
6. Variation Mechanism: Process for varying the agreement terms if circumstances change
7. Credit Reporting: Terms regarding credit reporting and credit information handling
1. Schedule 1 - Debt Details: Detailed breakdown of the debt amount, including principal, interest, and fees
2. Schedule 2 - Payment Schedule: Detailed repayment schedule showing dates and amounts of each payment
3. Schedule 3 - Direct Debit Authority: If applicable, direct debit payment authorization details
4. Appendix A - Original Loan Agreement: Copy or reference to the original agreement creating the debt
5. Appendix B - Statement of Account: Current statement showing arrears calculation and history
Relevant legal definitions
Agreement
Arrears Amount
Business Day
Commencement Date
Creditor
Default Event
Default Interest Rate
Direct Debit Authority
Due Date
Events of Default
Financial Hardship
Governing Law
GST
Initial Debt
Insolvency Event
Interest Rate
Original Agreement
Outstanding Balance
Parties
Payment Date
Payment Schedule
Permitted Purpose
Principal
Repayment Amount
Repayment Period
Repayment Schedule
Security
Statement of Account
Term
Total Amount Payable
Arrears Amount
Business Day
Commencement Date
Creditor
Default Event
Default Interest Rate
Direct Debit Authority
Due Date
Events of Default
Financial Hardship
Governing Law
GST
Initial Debt
Insolvency Event
Interest Rate
Original Agreement
Outstanding Balance
Parties
Payment Date
Payment Schedule
Permitted Purpose
Principal
Repayment Amount
Repayment Period
Repayment Schedule
Security
Statement of Account
Term
Total Amount Payable
Clauses
Acknowledgment of Debt
Payment Terms
Interest Calculation
Default
Termination
Security
Representations and Warranties
Confidentiality
Assignment
Force Majeure
Dispute Resolution
Governing Law
Notices
Amendment
Severability
Entire Agreement
Financial Hardship
Credit Reporting
Privacy
Direct Debit Authorization
Consumer Protection
Enforcement
Good Faith
Costs and Expenses
Guarantees
Indemnification
Payment Terms
Interest Calculation
Default
Termination
Security
Representations and Warranties
Confidentiality
Assignment
Force Majeure
Dispute Resolution
Governing Law
Notices
Amendment
Severability
Entire Agreement
Financial Hardship
Credit Reporting
Privacy
Direct Debit Authorization
Consumer Protection
Enforcement
Good Faith
Costs and Expenses
Guarantees
Indemnification
Relevant Industries
Financial Services
Banking
Insurance
Retail
Commercial Property
Professional Services
Healthcare
Education
Telecommunications
Utilities
Construction
Manufacturing
Relevant Teams
Legal
Finance
Credit Management
Collections
Risk Management
Compliance
Customer Service
Account Management
Treasury
Operations
Relevant Roles
Credit Manager
Collections Officer
Financial Controller
Risk Manager
Legal Counsel
Compliance Officer
Account Manager
Finance Director
Credit Analyst
Debt Recovery Specialist
Customer Relations Manager
Contract Administrator
Chief Financial Officer
Banking Relationship Manager
Credit Risk Officer
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