Agreement to Compromise Debt (United Kingdom)

UK lenders and business owners, if a customer owes you money and you are willing to accept payment of a lesser sum in order to settle the debt, you can sign this Agreement to Compromise Debt with the customer. The creditor agrees to accept the lesser sum from the debtor as payment in full, provided that the sum is paid within a specified time failing which the creditor will have the right to sue the debtor for the full amount of the debt. This United Kingdom Agreement to Compromise Debt template is provided in MS Word format, and is fully editable to meet your business needs.