It is only half the battle to draw up a loan agreement correctly. In order to avoid disagreements and unforeseen situations between the borrower and the lender, it is necessary to accurately record the loan repayment process on paper. There are several ways in which you can reflect and confirm the return of funds under a loan agreement.
Instructions
Step 1
If the amount of the loan (and the amount of interest on the loan) is returned in a lump sum, the lender must issue a receipt to the borrower that the loan amount has been repaid. The receipt should indicate by whom and to whom the funds are transferred, indicate the passport details of the parties, their addresses, refer to the document by which the loan is returned. The more data the text of the receipt contains, the easier it will be to prove to third parties that the refund was made to the proper person and in an amount that meets the terms of the loan agreement.
Step 2
If such a need arises, you can involve third parties as witnesses who will confirm the fact of the transfer of funds and the amount of the transferred amount of money by putting your signature on the receipt and indicating your personal data.
Step 3
The loan can be repaid in the form of an act of receipt and transfer of funds. Such an act will be an integral part of the loan agreement. The act should indicate by whom, to whom, when and to what extent the amount was transferred (and received) in order to fulfill the obligations under the contract. A separate paragraph should indicate that the parties have no claims to each other.
Step 4
If the loan amount is repaid in installments over a certain period of time, a payment schedule can be drawn up as an annex to the loan agreement. The parties may agree that upon the transfer of each part of the loan amount, a receipt or an act of receipt and transfer of funds will be drawn up.
Step 5
You can also create a table in which, with each transfer of money, the date of repayment of a part of the loan and the amount of the repaid amount will be entered. A column should be provided in which the lender will sign each time the next part of the loan is received.
