Settlement Payment Schedule

A Settlement Payment Schedule is a written plan that outlines the amounts, dates, and methods of payments that a debtor agrees to make to a creditor or debt collector, in order to fulfill the terms of a debt settlement agreement. The schedule typically includes the total settlement amount, the number and frequency of payments, the due date and amount of each payment, and any grace periods or late payment penalties. The schedule may also include instructions for how to make the payments, such as by check, money order, or electronic transfer, and where to send the payments. The purpose of a Settlement Payment Schedule is to ensure that the debtor has a clear and manageable plan for paying off the settled debt, to avoid any defaults or misunderstandings that could jeopardize the settlement agreement, and to provide a record of the debtor’s compliance with the agreement. The schedule should be carefully reviewed and agreed upon by both the debtor and the creditor, and may be modified by mutual consent if the debtor’s financial circumstances change.