Agreement Form to Assume Debt
THIS AGREEMENT is made the [Enter Day] day of [Enter Month] year [Enter Year]

BETWEEN:

(1) [Enter Creditor\'s Name] of [Enter Creditor\'s Address] (the “Creditor”);

(2) [Enter Debtor\'s Name] of [Enter Debtor\'s Address] (the “Debtor”); and

(3) [Enter Customer\'s Name] of [Enter Customer\'s Address] (the “Customer”); and

NOW IT IS HEREBY AGREED as follows:

1. The Customer acknowledges that the Customer presently owes the Creditor the sum of £[Enter Amount of Debt] (the “Debt”) and that the Customer is currently in the possession of certain assets or goods which are the property of the Creditor (the “Goods”).

2. The Debtor unconditionally and irrevocably agrees to assume and pay the Debt, and otherwise guarantees to the Creditor payment of the Debt and to indemnify and hold harmless the Creditor from any loss thereto in return for the transfer of the Goods from the Customer to the Debtor.

3. The Debt shall be due and payable on the following terms:

[Enter Payment Terms]

4. Nothing in this agreement shall constitute a release or discharge of the obligations of the Customer to the Creditor for the payment of the Debt, provided that so long as the Debtor shall promptly pay the Debt in the manner above described, the Creditor shall forebear in commencing any action against the Customer. In the event of any default, the Creditor shall have full rights, jointly and severally, against both the Customer and/or the Debtor for any balance then owing.

5. This agreement shall be binding upon and inure to the benefit of the parties, their successors and assigns.

IN WITNESS OF WHICH the parties have signed this agreement the day and year first above written

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Signed by or on behalf of the Creditor

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in the presence of (witness)

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Signed by or on behalf of the Debtor

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in the presence of (witness)

 

 

 

 

Name

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Name

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Address

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Address 

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Occupation

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Occupation

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Signed by or on behalf of the Customer

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in the presence of (witness)

 

 

 

 

 

Name

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Address

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Occupation

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