The Promise to Pay Agreement is a crucial legal instrument in South African commercial and financial practice, used when a debtor acknowledges an outstanding debt and commits to its repayment under specific terms. This document is particularly relevant in situations involving outstanding payments, debt restructuring, or formalization of payment arrangements. It must comply with South African legislation, including the National Credit Act 34 of 2005 and the Consumer Protection Act 68 of 2008. The agreement typically details the original debt, payment terms, interest rates, and consequences of default. It serves multiple purposes: it refreshes the prescription period of the debt, provides clear payment terms, and creates a legally enforceable obligation. The document is widely used by businesses, financial institutions, and individuals to manage debt relationships and ensure legal compliance while facilitating debt recovery.
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1. Parties: Identification and details of the debtor and creditor, including full legal names, identification/registration numbers, and physical addresses
2. Background: Context of the debt, including origin, original amount, and circumstances leading to this agreement
3. Definitions: Definitions of key terms used in the agreement
4. Acknowledgment of Debt: Clear statement of the debt amount and debtor's acknowledgment of owing this amount
5. Payment Terms: Detailed payment arrangement including total amount, installment amounts, payment dates, and payment method
6. Interest: Interest rate applicable, calculation method, and compliance with usury laws
7. Default Provisions: Consequences of missing payments and creditor's rights in case of default
8. Breach and Acceleration: Circumstances constituting breach and creditor's right to demand full payment
9. Notices: How formal communications between parties should be made and delivered
10. General Terms: Standard contractual provisions including entire agreement, variation, and governing law
1. Security Provisions: Required when the debt is secured by any assets or guarantees
2. Co-Debtors: Used when there are multiple debtors jointly responsible for the debt
3. Credit Insurance: Include when credit insurance is required or provided as part of the agreement
4. Debt Counselling Notice: Required when the debtor is under debt review or considering it
5. Cession: Include when the creditor wishes to reserve the right to cede or assign the debt
6. Alternative Dispute Resolution: Optional clause for specifying mediation or arbitration procedures
7. Cost Recovery: Include when the creditor wishes to recover legal and collection costs
1. Payment Schedule: Detailed breakdown of payment dates, amounts, and running balance
2. Original Debt Documentation: Copies of original invoices, statements, or agreements that gave rise to the debt
3. Statement of Account: Current detailed statement showing principal debt, interest, and other charges
4. Proof of Authority: Required documents showing authority to sign (especially for corporate entities)
5. Security Details: If applicable, details of any security or collateral provided
Relevant legal definitions
Agreement
Business Day
Commencement Date
Credit Provider
Consumer
Date of Signature
Day
Debt
Default
Due Date
Effective Date
Event of Default
Initial Debt
Interest Rate
Installment
NCA
Outstanding Balance
Parties
Payment Date
Payment Schedule
Principal Debt
Repayment Terms
Settlement Date
Signature Date
Total Amount Due
Writing
Default Interest
Prescribed Rate
Security
Notice
Business Day
Commencement Date
Credit Provider
Consumer
Date of Signature
Day
Debt
Default
Due Date
Effective Date
Event of Default
Initial Debt
Interest Rate
Installment
NCA
Outstanding Balance
Parties
Payment Date
Payment Schedule
Principal Debt
Repayment Terms
Settlement Date
Signature Date
Total Amount Due
Writing
Default Interest
Prescribed Rate
Security
Notice
Clauses
Acknowledgment of Debt
Payment Terms
Interest
Default
Acceleration
Breach
Domicilium
Security
Jurisdiction
Costs
Force Majeure
Notices
Assignment
Severability
Entire Agreement
Amendment
Waiver
Governing Law
Dispute Resolution
Indemnification
Representations and Warranties
Compliance with Laws
Good Faith
Set-off
Confidentiality
Legal Costs
Termination
Payment Terms
Interest
Default
Acceleration
Breach
Domicilium
Security
Jurisdiction
Costs
Force Majeure
Notices
Assignment
Severability
Entire Agreement
Amendment
Waiver
Governing Law
Dispute Resolution
Indemnification
Representations and Warranties
Compliance with Laws
Good Faith
Set-off
Confidentiality
Legal Costs
Termination
Relevant Industries
Financial Services
Banking
Retail
Manufacturing
Construction
Professional Services
Healthcare
Education
Real Estate
Telecommunications
Utilities
Small Business
Corporate Services
Relevant Teams
Legal
Finance
Credit Control
Collections
Accounts Receivable
Risk Management
Compliance
Treasury
Commercial Operations
Administrative Services
Relevant Roles
Credit Manager
Financial Manager
Accounts Receivable Manager
Collections Officer
Legal Counsel
Risk Manager
Chief Financial Officer
Credit Controller
Debt Collection Specialist
Finance Director
Compliance Officer
Commercial Manager
Business Owner
Financial Administrator
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