Deed of Debt Forgiveness templates (Australia)

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Deed of Debt Forgiveness

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While we don't all have the resources to hire a legal professional, we all do have access to a series of online legal templates. Ranging from Partnership Agreements to Letters of Demand, a huge array of legal templates are available online. Here's the lowdown on what exactly a Deed of Debt Forgiveness is and how to get your hands on a legal template.

What is a Deed of Debt Forgiveness?

A Deed of Debt Forgiveness is a way of forgiving outstanding debt. It's a document that can be used by individuals or companies to forgive a borrower from its debt, therefore giving the debtor permission to stop or reduce payments on outstanding debt.

Deed of Debt Forgiveness template from Lawpath

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When should I use a Deed of Debt Forgiveness?

A Deed of Debt Forgiveness should be used when an individual owes a significant amount of debt and may be struggling to make repayments. A letter may have been sent by the debtor requesting that the creditor forgive debt due to a number of different reasons such as a change of income or medical circumstances.

What does a Deed of Debt Forgiveness include?

A Deed of Debt Forgiveness document should include the terms and conditions of forgiving the debt, and the date that loan forgiveness begins. It can also outline exactly how the debt was accrued, the amount of outstanding debt remaining, and how much is being written off or delayed.

Get access to customisable Deed of Debt Forgiveness templates online

Name Product Legal document services available Free legal documents available? Other legal services offered Price Document library size
Lawpath
Customisable document templates
You can view samples for free and you can create your first document for free.
Online document eSignatures, lawyer marketplace, on-demand legal advice, business setup services
$288 per year for unlimited documents
300+
Customise and download up to 300 legal documents for business or personal matters. Plus register a company, business name or ABN.
LawDepot
Customisable document templates
Free one week trial available which gives access to hundreds of documents.
Free legal articles and resources
$59.88 per year for unlimited documents or one-off documents available for $9.50 - $49
150+
Customise and download legal documents in as little as five minutes. Plus, LawDepot offers peace of mind with two service guarantees.
Legal123
Customisable document templates
No
Custom legal services available, free law change updates via email, legal packages for various professions
Individual templates start from $59 + GST
Legal123 offers a range of individual templates or document packages for consultants, app developers, personal trainers and more.
LegalVision
Customisable document templates & professionally drafted documents
No
Legal advice phone consultations, contract reviewing and amendments, trade mark applications, business structure assistance.
From $49 + GST per week for access to 40+ legal templates
40+
Take advantage of unlimited legal advice consultations, free legal templates and fast turnaround times for legal projects with LegalVision membership.
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Deed of Debt Forgiveness vs Debt Settlement Agreement

A Deed of Debt Forgiveness and Debt Settlement Agreement are similar documents in that they both deal with getting rid of outstanding debt. The main difference between them is that while a Deed of Debt Forgiveness will be used by the creditor (the person or business who is owed the money), a Debt Settlement Agreement is used by a debtor (the person who owes money) and can involve a lot of negotiation from both sides. Both documents aim to resolve debt by either writing it off or diminishing the amount that needs to be paid.

How effective is a Deed of Debt Forgiveness?

A Deed of Debt Forgiveness is effective in resolving debts that have been outstanding for some time. Normally, there are a series of terms and conditions that come along with debt forgiveness that can lead to future arrangements between the creditor and debtor.

How do I write a Deed of Debt Forgiveness?

There are many ways to write a Debt of Forgiveness, but it's essential to include the following:

  • The name and address of both the creditor and debtor.
  • When the debt is due to be released.
  • The terms and conditions of forgiving the debt.

A Deed of Debt Forgiveness is an important, and legally binding document which must be drafted up correctly. If you don't want to fork out on hourly legal fees, one of these legal template websites might just be what you're looking for.

  • Lawpath. Lawpath is an online legal resource for small businesses and entrepreneurs. Users are welcome to browse free samples on their website but must sign-up to access customisation options.
  • Law Depot. Law Depot provides a broad array of free online documents to choose from. Easily fill them in online, before downloading the documents straight to your computer.
  • LegalVision. LegalVision offers users unlimited use of free legal document templates, including a Deed of Debt Forgiveness for a monthly membership fee of $199.
  • Legal Zebra. Free PDF samples can be downloaded if you sign-up to Legal Zebra's marketing emails. To access customizable documents, the templates will need to be purchased for a one-time fee.
  • Wonder Legal. Browse more than 140 legal document templates with Wonder Legal, all of which can be purchased for a one-time fee. Although free to access a Deed of Debt Forgiveness example, you'll need to purchase the document to make any changes.

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