An Agreement To Pay Debt In Instalments is a contractual arrangement between one or more parties to repay a debt in fixed instalments. The agreement usually specifies the amount of the repayment, how often payments are to be made and how long it will take to repay the debt. It can be used for a variety of debts such as personal loans, mortgages and credit card debt. By entering into an instalment agreement, both parties benefit by allowing them the flexibility to set their own payment schedule that works best for their financial situation.