The Agreement To Repay Debt is a crucial legal document used in Ireland when parties need to formalize arrangements for the repayment of an existing debt. It is commonly used in situations where a debt has been incurred and the parties wish to structure a formal repayment plan, whether in a business or personal context. The agreement provides clarity and legal certainty by documenting the acknowledged debt amount, establishing clear repayment terms, and setting out the consequences of default. It is particularly valuable when restructuring existing debts or converting informal arrangements into legally binding commitments. The document must comply with Irish law, including the Statute of Limitations Act 1957, Consumer Credit Act 1995, and relevant EU regulations where applicable. It can be customized to include security arrangements, guarantors, and specific terms based on the nature of the debt and the parties involved.

1. Parties: Identifies and defines the Creditor and Debtor with their full legal names and addresses

2. Background: Recitals establishing the existence of the debt, its origin, and the parties' intention to formalize the repayment arrangement

3. Definitions: Defines key terms used throughout the agreement

4. Acknowledgment of Debt: Formal acknowledgment of the debt amount, including any interest accrued to date

5. Repayment Terms: Details of the repayment schedule, including payment amounts, frequency, and method of payment

6. Interest: Specification of any interest rates applicable to the debt during the repayment period

7. Default Provisions: Consequences of missing payments or breaching the agreement

8. Representations and Warranties: Basic declarations by the Debtor regarding their ability to pay and understanding of the agreement

9. Notices: How formal communications between parties should be made and delivered

10. Governing Law: Confirms Irish law as governing law and jurisdiction

11. Entire Agreement: Standard clause confirming this document represents the entire agreement between parties