repayment plan

A repayment plan is an agreed schedule for paying back borrowed money, such as a loan or debt. It outlines how much you will pay each month and over what time period, making it easier to manage your payments and stay on track. These plans can help prevent missed payments, reduce financial stress, and often offer options to adjust payments if your financial situation changes. Essentially, it’s a structured way to settle what you owe in manageable portions over time, ensuring both borrower and lender know what to expect.