______________ (creditor\u2019s name), referred to as CREDITOR and ____________ (your name), referred to as DEBTOR, agree to compromise the indebtedness as between them.<\/p>\n\n\n\n
CREDITOR, hereby agrees to compromise the indebtedness due the CREDITOR on the following terms and conditions: <\/p>\n\n\n\n
The CREDITOR and the DEBTOR agree that the present debt due is Rs.____________ (the amount of the debt). The parties agree that the CREDITOR shall accept the sum of Rs.______________ (the amount of the settlement) as full payment on the debt. The acceptance of the payment will serve as a complete discharge of all monies due. The payment shall be made in ___________ (note the form of payment). <\/p>\n\n\n\n
In addition, upon accepting of the Rs.__________ (amount of the settlement), the CREDITOR will notify all Credit Reporting Agencies that account is PAID AS AGREED, and delete any entries showing this account as ever being late.<\/p>\n\n\n\n
This compromise is expressly conditioned upon the payment being received by ________________ (date that payment is to be made). If the DEBTOR fails to pay the compromised amount by ______________ (date that payment is to be made), the original amount owed by the DEBTOR will be reinstated in full, and immediately due. <\/p>\n\n\n\n
This Agreement shall be binding upon and inure to the benefit of the parties, their successors and assigns. <\/p>\n\n\n\n
Dated: _______________<\/p>\n\n\n\n
Signature: ______________________________<\/p>\n\n\n\n
___________________ (Creditor\u2019s name)<\/p>\n\n\n\n
CREDITOR<\/p>\n\n\n\n
Signature: ____________<\/p>\n\n\n\n
___________________ (Your name)<\/p>\n\n\n\n
Debtor<\/p>\n\n\n\n