Debt assignment agreements

If you have a debt you are unable to pay off, you can receive help from an outside party to absolve the debt. Debt assignment agreements allow you to sign the debt to someone else and receive relief.

Assigner

If you are the person trying to allocate the debt to someone else, then you are the assigner. You are the person that is initiating the transfer of the debt, and will be completely released from your obligation of the debt. Before your debt can be assigned, you must receive approval to construct the agreement from the entity to which you are indebted.

Assignee

If you are the person that is willing to take on the debt, you are the assignee. Once the debt assignment agreement has been constructed, the debt is now yours, and you have a legal obligation to absolve it. Failure to do so could lead to litigation.

Features

Fully constructed debt assignment agreements appear online, which require that you simply input your information, as well as that of the assignees and debtors. If you choose to construct your own agreement, however, you must provide the terms of the your current agreement, state that you are allocating the debt, have your debtor review it and have all parties sign the agreement.

Cite this Article A tool to create a citation to reference this article Cite this Article

About the Author

Justin Rush is currently a first-year law school student who has always had an interest in writing. As an undergrad he was and English literature major with a minor in journalism and psychology, and helped hone his skills as a writer as an intern within the University Foundation.

Try our awesome promobar!