AGREEMENT TO PAY DEBT IN INSTALLMENTS

AGREEMENT TO PAY DEBT IN INSTALLMENTS

 

STUDENT DETAILS

(NB: the student is jointly and severally liable as a co-principal debtor for the payment of this debt.)

Name of Student _______________________________________________________________________________

ID Number of Student ___________________________________________________________________________

(A copy of student’s ID is required)

 

Current Nationality ______________________________________________________________________________

(If not South African a copy of Student’s working Visa is required)

 

Date of Birth ___________________________________________________________________________________

Age _____________________________________________________________________________________________

*Students under the age of 18 require the consent of a legal guardian

 

Street Address _________________________________________________________________________________

 

_____________________________________________________________________________________________

 

Contact Details _____________________________     (Home Number)

_____________________________     (Cell Phone Number)

_____________________________     (E-Mail address)

 

 

 

PARENTS DETAILS

 

Name ________________________________________________________________________________________

 

ID Number_______________________________________________________________________________________

(A copy of ID is required)

 

Street Address _____________________________________________________________________________________________

 

_____________________________________________________________________________________________

 

Contact Details _____________________________      (Home Number)

____________________________   (Cell Phone Number)

____________________________   (E-mail Address)

 

 

PARTICULARS OF PERSON PRIMARILY RESPONSIBLE FOR PAYING THE DEBT

 

(Please note:    Whilst the person listed hereunder is liable to pay all monies which are due in terms of this agreement, the student is liable as surety and co-principal payer for the prompt payment thereof.)

 

 

Name ________________________________________________________________________________________

ID Number _____________________________________________________________________________________________

(A copy of ID is required)

 

Marital Status __________________________________________________________________________________

 

Domicilium Address _____________________________________________________________________________

 

_____________________________________________________________________________________________

*The domicilium citandi et executandi address must be a street address

 

Contact Details ____________________________    (Home Number)

__________________________    (Cell Phone Number)

__________________________   (E-mail address)

 

Occupation _____________________________________________________________________________________________

 

(Company Name) ______________________________________________________________________________

 

Employer Contact Details

Telephone        _________________________________________________________________________________

 

E-mail                ________________________________________________________________________________

 

Physical Address _______________________________________________________________________________

 

_____________________________________________________________________________

 

Have you ever been sequestrated?                                                                                   YES                  NO

 

Are you currently under debt review?                                                                                 YES                 NO

 

Have you had an application for credit refused in the last 12 months?         YES           NO

 

 

 

TOTAL CAPITAL DEBT DUE OWING AND PAYABLE:  _______________________________________________

 

 

 

All signatories to this contract agree that:

 

1. The details that they have completed in this application form are true and correct.
2. Street addresses included in this agreement are the domicilium et executandi of the party signing

 

 

1. ACKNOWLEDGEMENT

 

I ……………………………………………………………. do hereby acknowledge liability to Waterfront Theatre School and their successors and/or assigns in the amount of  R ……………………. (“the capital amount’) arising from the balance outstanding in respect of fees,

 

2. REPAYMENT

2.1       At inception of this loan the amounts payable are:

a)     Outstanding Capital: R ……………………

 

2.2    I shall repay the capital amount due in terms of this instrument in monthly   instalments of R                      each, the first instalment of R ………………. to be paid on or before the1st of …………………201..and each respective instalment to be made on or before the 1st day of each month thereafter.

 

2.3      All payments due shall be made in cash free of bank charges deduction or set-off to the Creditor by deposit into the Creditor’s bank account with details:

 

…………………..Attorneys Trust Account

……………….Bank, ……………………………

Account Number:    ………………………………

 Branch Code:          ……………………………..            

 Swift Code:            …………………………….

2.4       The instalments will be appropriated firstly towards any collection commission and/or legal costs envisaged, then interest and thereafter in reduction of the capital amount.

2.5       I shall be liable to continue paying the debt until all the collection commission and / or legal costs envisaged, interest and capital are paid in full.

 

3. DEFAULT

3.1       Should I fail to make any payment on the due date of any amount owing in terms of this instrument, then I shall immediately be liable to repay the full capital outstanding plus all interest accrued on such amount outstanding at the rate of 2% per month compounded monthly in arrears.

3.2       In the event of me:

 

3.2.1          failing to make payment of any amount by due date; or

3.2.2          becoming the subject of sequestration, winding up or dissolution proceedings; or

3.2.3          effecting or offering a general compromise or deed of arrangement with creditors or with any class of creditors, or making any assignment for the benefit of creditors; or

3.2.4          suffering a judgment to be granted or entered against me in or by any Court of Law, and unreasonably failing to cause such judgment to be satisfied within a period of 10 (ten) days from the date of such judgment;

then the full amount of the capital amount outstanding, together with the interest payable thereon at 25% per annum compounded monthly in arrears, collection commission and/or legal costs will immediately become due and payable by me without prior notice and/or demand from the Creditor.

 

4. BREACH; JURISDICTION; CONFIRMATION OF BALANCE

4.1       Without limiting the generality of the provisions contained in clauses above, should I breach any terms of this instrument and should the Creditor become entitled to enforce any of the provisions of this instrument, then without prejudice to any other rights which the Creditor may have and in addition to the Creditor’s common law rights, the full amount of the capital amount outstanding, together with the interest payable thereon, will immediately become due and payable by me without prior notice and/or demand from the Creditor.

 

4.2       A certificate signed by the Creditor or his personal accountant confirming the amount due and payable shall be sufficient prima facie evidence for the purposes of obtaining summary judgment or provisional sentence against me for the amount claimed in the Magistrate’s Court.

 

4.3       In the event that any breach is committed and it is necessary to take legal action in respect of the recovery of this money, then I consent to the jurisdiction of the Magistrate’s Court irrespective of whether the amount claimed is greater than the legislated jurisdiction of the Magistrate’s Court.  I acknowledge that I am liable to pay any legal costs incurred in respect of any legal action taken against me for the recovery of any money outstanding in terms of this agreement on an attorney and client scale.

 

5. WAIVER

No extension of time or indulgence by either party to the other will be deemed in any way to affect, prejudice or derogate from the rights of such party in any respect under this instrument, nor shall it in any way be regarded as a waiver of any rights hereunder, nor a novation of this instrument.

 

6. NON-VARIATION

No variation of this instrument will affect the terms hereof unless such variation is reduced to writing and signed by or on behalf of the parties.

 

7. COSTS

I agree to pay collection commission and, on an attorney and own client scale, all legal fees incurred by the Creditor in respect of any claim or proceeding arising out of or being in connection with this instrument, as well as all collection commission and tracing costs.

 

 

 

SIGNED ON THIS ___________ DAY OF _____________ 20….

 

STUDENT  __________________________________________

 

PARENT ____________________________________________

 

PRINCIPAL DEBTOR __________________________________

 

 

AS WITNESSES:

1. _______________________________
2. _______________________________

 

 

 

AGREEMENT TO BE SURETY AND CO PRINCIPALLY LIABLE TO PAY DEBT

 

I, the undersigned,

………………………………………………… (Student’s full name) ID No.                                                                 hereby bind myself as Surety and Co-Principal PAYER to the WATERFRONT THEATRE SCHOOL hereinafter referred to as the WTS, for the due and proper fulfilment of all the obligations of :……………………………………………….(Payer’s full name) hereinafter referred to as the Payer, his/her successors in title, or assigns, for the due and punctual payment of all amounts currently due and payable, and to become due and payable in the future, by the Payer in respect of the repayment of fees as regulated by the WTS Fee Agreement to which this Suretyship is annexed.

I agree and declare that

1. No act of indulgence, relaxation or grace granted by the WTS to the Payer including any act of accepting payment after due date shall be considered a waiver of any terms of this suretyship or the fee agreement unless reduced to writing and signed by both parties.
2. The WTS shall be entitled at its option to institute any legal proceedings which may arise out of or in connection with this Suretyship in any Magistrate’s Court having jurisdiction in respect of my person, notwithstanding the fact that the claim or value of the matter in dispute might exceed the jurisdiction of such Magistrate’s Court in respect of the cause of action.
3. A statement by a director or administrative manager of the WTS setting out any capital and interest and/or costs due owing and payable by the Payer and/or me shall constitute sufficient prima facie proof of my indebtedness for the purpose of obtaining summary judgement or provisional sentence.
4. It is agreed and declared that all admissions and acknowledgements of indebtedness by the Payer shall be binding on me.
5. I confirm that my domicilium address and contact details (domicilium citandi et executandi) are set out at the top of the primary agreement.

 

SIGNED at                                                            on this                    day of                                                     2013

AS WITNESSES:

1. _______________________________ ____________________________

STUDENT (SURETY)

2. _______________________________                                    ____________________________

PAYER (PERSON PRIMARILY                        RESPONSIBLE FOR PAYMENT OF DEBT)

 

ADDITIONAL SURETYSHIP AGREEMENT

I, the undersigned,

………………………………………………… (Surety’s full name) ID No.  ………………………. hereby bind myself as Surety and Co-Principal PAYER to the WATERFRONT THEATRE SCHOOL hereinafter referred to as the WTS, for the due and proper fulfilment of all the obligations of :……………………………………………….(Principal Payer’s full name),hereinafter referred to as the Payer, his/her successors in title, or assigns, for the due and punctual payment of all amounts currently due and payable, and to become due and payable in the future, by the Payer in respect of the repayment of  fees as regulated by the WTS Fee Agreement to which this Suretyship is annexed.

I agree and declare that

1. No act of indulgence, relaxation or grace granted by the WTS to the Payer including any act of accepting payment after due date shall be considered a waiver of any terms of this suretyship or the fee agreement unless reduced to writing and signed by both parties.
2. The WTS shall be entitled at its option to institute any legal proceedings which may arise out of or in connection with this Suretyship in any Magistrate’s Court having jurisdiction in respect of my person, notwithstanding the fact that the claim or value of the matter in dispute might exceed the jurisdiction of such Magistrate’s Court in respect of the cause of action.
3. A statement by a director or administrative manager of the WTS setting out any capital and interest and/or costs due owing and payable by the Payer and/or me shall constitute sufficient prima facie proof of my indebtedness for the purpose of obtaining summary judgement or provisional sentence.
4. It is agreed and declared that all admissions and acknowledgements of indebtedness by the Payer shall be binding on me.
5. I confirm that my domicilium address and contact details (domicilium citandi et executandi)                          are set out at the top of the primary agreement.

SIGNED at                                                            on this                    day of                                                     2013

AS WITNESSES:

1. _______________________________
2. _______________________________

_____________________________

(SURETY)

 

______________________________

PAYER (PERSON PRINCIPALLY    LIABLE FOR PAYMENT OF FEES.)