Debt Payment Agreement Chile (Convenio de Pago)

A Debt Payment Agreement Chile (Convenio de Pago) is a formal written contract governed by the Código Civil Arts. 1568–1627 through which a creditor (acreedor) and debtor (deudor) restructure an existing monetary obligation into a new, agreed payment schedule — typically consisting of fixed monthly installments with specified interest, a maturity calendar, and provisions for default (mora). The agreement operates as a novation (novación) or, more commonly, as a renegotiation of the mode of payment without extinguishing the underlying obligation, and constitutes a formal acknowledgment of debt that interrupts the statute of limitations under Art. 2514 of the Código Civil.

The legal foundation for debt payment agreements in Chile rests within Book IV of the Código Civil (promulgated by Ley 1.831 of 1855, currently coordinated by Decreto con Fuerza de Ley No. 1 of 2000 of the Ministerio de Justicia). Art. 1568 defines payment (pago) as the performance of the obligation owed, and Arts. 1569–1627 regulate the manner, time, place, and effects of payment, including partial payments, payment in installments (pago por cuotas), and the consequences of non-payment. Art. 1591 establishes that the creditor is not obliged to accept partial payment of a liquid obligation unless agreed otherwise — making the Convenio de Pago essential when the debtor cannot satisfy the total amount in a single payment.

Art. 1560 of the Código Civil governs contract interpretation, requiring courts to give effect to the parties' clear intention over the literal meaning of words when both diverge. The Juzgados de Letras en lo Civil, governed by the Código de Procedimiento Civil (Ley 1.552 of 1902) and the Código Orgánico de Tribunales (DFL No. 1 of 2000 of the Ministerio de Justicia), exercise first-instance jurisdiction over debt disputes. The juicio ejecutivo (executory proceeding) under Arts. 434–544 of the Código de Procedimiento Civil allows a creditor who holds a título ejecutivo (executive title) — including an escritura pública (public deed) before a Notario Público — to enforce the debt through seizure and auction of the debtor's assets.

Interest on overdue debts in Chile is regulated by the Ley 18.010 of 1981 (Ley sobre Operaciones de Crédito de Dinero), which distinguishes between interés corriente (market rate published monthly by the Comisión para el Mercado Financiero, CMF) and interés máximo convencional (maximum conventional rate, currently 1.5× the interés corriente under Art. 6 of Ley 18.010). Any agreed interest rate that exceeds the interés máximo convencional is automatically reduced by law to the interés corriente for the relevant period. The CMF (formerly the Superintendencia de Bancos e Instituciones Financieras, SBIF) publishes monthly interest rate tables used to calculate compliant interest clauses.

The Ley 20.720 of 2014 (Ley de Reorganización y Liquidación de Empresas y Personas, known as the Ley de Insolvencia) provides an alternative restructuring framework for individuals (personas naturales) who are unable to service debts through ordinary means. A private Convenio de Pago negotiated outside insolvency proceedings remains fully enforceable under the Código Civil and offers both parties greater flexibility, lower transaction costs, and the ability to preserve commercial relationships compared to formal insolvency procedures before the Superintendencia de Insolvencia y Reemprendimiento (SIR).

The Registro Civil e Identificación issues the cédula de identidad used to identify natural person parties to the contract, and the Servicio de Impuestos Internos (SII) assigns the RUT (Rol Único Tributario) used for both natural persons and legal entities. Debt payment agreements entered into by commercial entities — Sociedad Anónima (SA) under Ley 18.046, Sociedad de Responsabilidad Limitada (SRL) under Ley 3.918, Sociedad por Acciones (SpA) under Arts. 424–446 of the Código de Comercio, or Empresa Individual de Responsabilidad Limitada (EIRL) under Ley 19.857 — must be signed by duly authorized representatives with sufficient poder (power of attorney), notarized where required.

A Debt Payment Agreement Chile is needed whenever a creditor and debtor agree to restructure, reschedule, or formalize the payment of an existing debt outside of court proceedings or formal insolvency procedures. The Convenio de Pago is the appropriate instrument across a wide range of commercial, consumer, and interpersonal debt situations governed by the Código Civil and the Ley 18.010.

The agreement is required when a debtor acknowledges an unpaid commercial debt owed to a supplier, service provider, or financial creditor and proposes to pay in installments rather than in a lump sum. Under Art. 1591 of the Código Civil, the creditor has the right to refuse partial payment unless an agreement has been reached — the Convenio de Pago creates the contractual basis for accepting installment payments and waiving immediate full enforcement.

A Convenio de Pago is essential when a creditor holds an overdue invoice, promissory note (pagaré), or other document evidencing a debt and the debtor is temporarily unable to pay in full. By signing the agreement, the debtor makes a formal acknowledgment of the debt (reconocimiento de deuda) under Art. 2514 of the Código Civil, which interrupts the prescripción extintiva (statute of limitations) — generally five years for personal actions under Art. 2515 — restarting the limitations period from the date of signature.

The agreement is needed in landlord-tenant contexts where a residential or commercial tenant has accumulated rental arrears under a Contrato de Arrendamiento governed by Ley 18.101 (residential) or the Código Civil (commercial), and both parties prefer to avoid eviction proceedings before the Juzgado de Letras en lo Civil or Juzgado de Policía Local. A written Convenio de Pago setting out a structured repayment calendar provides the landlord with an enforceable title and the tenant with a clear path to regularizing the debt.

Small and medium enterprises (PYMES) operating under the Ley 20.416 of 2010 (Estatuto de las PYMES) frequently use Convenios de Pago when negotiating deferred payment terms with suppliers, distributors, or the Tesorería General de la República (TGR) for outstanding tax obligations. Art. 192 of the Código Tributario (DFL N° 1 of 2000 of the Ministerio de Hacienda) permits installment agreements for certain tax debts, and private debt agreements follow the same structural logic.

The document is also needed when parties to a dissolved partnership or terminated business relationship need to formalize the payment of outstanding balances. A Convenio de Pago signed before a Notario Público as an escritura pública constitutes a título ejecutivo under Art. 434 No. 2 of the Código de Procedimiento Civil, enabling the creditor to proceed directly to a juicio ejecutivo without first obtaining a declaratory judgment — a significant advantage in debt collection.

A valid Debt Payment Agreement Chile under the Código Civil must contain the following elements to be enforceable before the Juzgados de Letras en lo Civil and to constitute a título ejecutivo when notarized.

Party Identification: Full legal name, RUT (Rol Único Tributario assigned by the Servicio de Impuestos Internos, SII), cédula de identidad number (issued by the Servicio de Registro Civil e Identificación), and domicile of both the creditor (acreedor) and debtor (deudor). Where a party is a legal entity — Sociedad Anónima (SA) under Ley 18.046, Sociedad de Responsabilidad Limitada (SRL) under Ley 3.918, Sociedad por Acciones (SpA) under Arts. 424–446 of the Código de Comercio, or Empresa Individual de Responsabilidad Limitada (EIRL) under Ley 19.857 — the company's registered name, RUT, Registro de Comercio inscription details, and the name and identification of the authorized representative must be included with the corresponding poder notarial.

Acknowledgment of Original Debt: A precise description of the original obligation — its nature (loan, unpaid invoices, commercial credit, rental arrears, etc.), the original principal amount in Chilean Pesos (CLP) or Unidades de Fomento (UF, the inflation-adjusted unit of account published daily by the CMF/Banco Central de Chile), the date the obligation arose, and any documents evidencing the debt (invoice numbers, pagaré folio, contract reference). The acknowledgment constitutes a reconocimiento de deuda under Art. 2514 of the Código Civil, interrupting the statute of limitations.

Total Amount Owed: The total outstanding amount at the date of signature, specifying principal (capital), accrued interest (intereses devengados) calculated in conformity with Ley 18.010, any penalties already incurred, and the method of conversion if the debt is denominated in UF. Art. 1591 of the Código Civil establishes that the creditor is entitled to receive the full agreed amount — the Convenio de Pago must precisely state the amount being restructured.

Installment Schedule: A detailed payment calendar (tabla de amortización) specifying the number of installments (cuotas), the amount of each installment in CLP or UF, the due date of each installment (typically the same day each month), and the total amount to be paid over the life of the agreement including all interest. Under Art. 1569 of the Código Civil, payment must be made at the agreed time and place — any variation requires express written agreement.

Interest Rate: The agreed interest rate must comply with the Ley 18.010 de 1981. The rate must be expressed as an annual nominal rate (tasa nominal anual) or monthly rate (tasa mensual), and must not exceed the interés máximo convencional published by the CMF for the relevant period and operation type. Any clause specifying an interest rate exceeding the legal maximum is automatically reduced by operation of law to the interés corriente under Art. 8 of Ley 18.010. The agreement should expressly reference the applicable CMF rate table to avoid ambiguity.

Default and Acceleration Clause: A clause specifying what constitutes incumplimiento (default) — typically failure to pay one or more installments by the due date — and the consequences, including automatic acceleration (cláusula de aceleración) making the entire remaining balance immediately due and payable. Under Art. 1551 of the Código Civil, the debtor is in mora (default) from the date agreed for performance. The acceleration clause converts a time-based installment obligation into an immediately enforceable lump-sum obligation, enabling the creditor to initiate a juicio ejecutivo under Arts. 434–544 of the Código de Procedimiento Civil.

Default Interest: The rate of default interest (interés de mora) applicable upon non-payment, which must also comply with Ley 18.010 and not exceed the interés máximo convencional. The CMF publishes separate rate caps for default interest on consumer and commercial operations. Art. 1559 of the Código Civil governs interest on monetary obligations and establishes that unpaid interest cannot itself accrue interest (anatocismo) unless expressly agreed and permitted by Ley 18.010.

Payment Method and Account Details: The method by which each installment shall be paid — bank transfer (transferencia electrónica) to a specified Banco Estado, Banco de Chile, Banco Santander, BCI, Itaú, or other regulated financial institution account with full account details; cash payment with receipt (recibo); or cheque nominativo. The place of payment is relevant under Art. 1588 of the Código Civil, which establishes that payment must be made at the agreed place or, in the absence of agreement, at the domicile of the debtor.

Full Compliance Receipt: A provision establishing that upon receipt of the final installment, the creditor shall issue a finiquito de deuda (full release and discharge) and return or cancel any instruments of debt (pagarés, facturas) previously delivered. Art. 1568 of the Código Civil defines payment as the complete performance of the obligation — the release clause gives the debtor certainty that full payment extinguishes the debt entirely.

Notarization and Execution: For the agreement to constitute a título ejecutivo under Art. 434 No. 2 of the Código de Procedimiento Civil, it must be signed before a Notario Público (authorized by the Ministerio de Justicia under the Código Orgánico de Tribunales) as an escritura pública, or signed as a private document with the signatures authorized (autorizado) by a Notario. Forms-legal.com provides this Debt Payment Agreement Chile template as a practical starting point — each agreement should be reviewed by a licensed Abogado familiar with the Código Civil, Ley 18.010, and the Código de Procedimiento Civil to ensure enforceability in the specific circumstances of the debt. Los usuarios de forms-legal.com pueden descargar este documento de forma gratuita en formato PDF o DOCX, completar los campos del formulario guiado y obtener un documento listo para firma.