Updated April 14, 2023
A monthly payment plan agreement is a contract between a debtor, customer, or client to another party that is owed money. It allows for multiple recurring payments instead of one lump sum payment. After writing the agreement and authorization by both parties, the payments may begin on the start date and continue each month until the end of the term. If there is interest accumulating on the amount owed, it cannot be higher than the amount set by the State’s Usury Rate.
Credit / Bank (ACH) Authorization Form – Use to set up automatic payments with a debtor to process payments on a monthly basis.