The Tenant Payment Plan Agreement is designed for use in England and Wales when a tenant requires a formal arrangement to pay outstanding rent or to modify their payment schedule. This document is particularly relevant during periods of financial hardship or when circumstances necessitate a restructuring of rental payments. The agreement provides clear terms for repayment while ensuring compliance with relevant housing legislation, including the Landlord and Tenant Act 1985 and the Housing Act 1988. It should detail the total amount owed, payment schedule, consequences of default, and any special conditions agreed between the parties.
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1. Parties: Details of the landlord/agent and tenant
2. Background: Context of the payment plan including reference to original tenancy
3. Definitions: Key terms used in the agreement
4. Payment Terms: Detailed breakdown of payment amounts and dates
5. Duration: Length of the payment plan
6. Default Provisions: Consequences of missing payments
7. Signatures: Execution blocks for all parties
1. Interest Charges: Terms for interest on late payments - include when charging interest on arrears
2. Early Payment Provisions: Terms for early settlement - include when allowing early payment options
3. Third Party Guarantor: Details of any guarantor - include when a guarantor is involved in the agreement
1. Payment Schedule: Detailed calendar of payment dates and amounts
2. Statement of Arrears: Breakdown of existing arrears
3. Original Tenancy Agreement: Copy of the relevant tenancy agreement
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