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Page modified: Saturday, June 24, 2006 10:36:06

Payment by instalments is an agreement between creditors and debtors on repayment of the debt by means of clear by installments payments or within a fixed period.

Specified payments are usual in equal lasting height (e.g. the payment of a certain monthly amount at the latest in each case to the 1. each monthly), see also annuity loans after periods. The payment by instalments with only temporal concretizing is rarer (e.g. Payment of the joint and several debt up to a certain date).

For the agreement of a payment by instalments there is no legal formal requirement. It can be locked therefore always and in each form. Because of the perhaps necessary proof writing is always recommended.

Fulfilled payments by instalments (e.g. with distributing houses) are not nowadays (2005) the most frequent reason for insolvencies of private consumers.


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