Payment Plan Agreement Colombia (Acuerdo de Plan de Pagos)

A Payment Plan Agreement Colombia (Acuerdo de Plan de Pagos) is a bilateral contract through which a creditor (acreedor) and a debtor (deudor) restructure an existing monetary obligation into a series of periodic instalments, governed by the principle of autonomía de la voluntad (freedom of contract) established in Código Civil (CC) Article 1602 and the general obligations regime of CC Articles 1494 through 1501. The agreement transforms a single lump-sum debt into a scheduled repayment programme, preserving the creditor's right to enforce the obligation through the proceso ejecutivo under the Código General del Proceso (CGP — Ley 1564 de 2012) Article 422 while granting the debtor manageable payment terms.

The constitutional foundation for payment restructuring agreements in Colombia derives from Article 333 of the Constitución Política de 1991, which guarantees economic freedom and private initiative, and Article 58, which protects acquired property rights — including credit rights. The Corte Constitucional has consistently recognised the validity of restructuring agreements as expressions of the constitutional principle of buena fe (good faith) enshrined in CC Article 1603, which requires parties to perform obligations honestly and in accordance with the legitimate expectations created by the contract.

Under Colombian civil law, a payment plan agreement constitutes a novación modificativa (modifying novation) under CC Articles 1687 through 1710 when the parties intend to alter the terms of the original obligation without extinguishing it entirely. The Sala de Casación Civil of the Corte Suprema de Justicia has distinguished between novación extintiva (which creates an entirely new obligation and extinguishes the old one) and novación modificativa (which merely modifies the payment terms while preserving the original cause of the obligation). The distinction is critical because novación extintiva releases guarantors and accessory securities unless they consent to the new obligation under CC Article 1700.

The Superintendencia Financiera de Colombia (SFC) regulates payment restructuring for financial obligations through Circular Externa 026 de 2017 and the Circular Básica Contable y Financiera (CE 100/1995), which establish rules for reestructuración de créditos (credit restructuring) by banks, cooperativas financieras, and compañías de financiamiento. Financial institutions must classify restructured loans according to specific risk categories and maintain adequate provisions (provisiones) based on the debtor's payment history and financial capacity.

Payment plan agreements are extensively used in Colombian commercial practice for restructuring trade debts between businesses, resolving consumer credit defaults, settling tax obligations with the Dirección de Impuestos y Aduanas Nacionales (DIAN) under the Estatuto Tributario Articles 814 through 814-3, and restructuring obligations in the context of insolvency proceedings under Ley 1116 de 2006 (Régimen de Insolvencia Empresarial) and Ley 1564 de 2012 Title IV (insolvencia de la persona natural no comerciante). The Procuraduría General de la Nación and Contraloría General de la República oversee payment plans involving public entities.

Interest on restructured obligations is subject to the same ceilings applicable to the original obligation. Under Código de Comercio (CCo) Article 884, the maximum moratory interest rate is 1.5 times the interés bancario corriente certified by the SFC. Charging interest above this ceiling constitutes usura under Código Penal Article 305. Where the original obligation was civil (non-commercial), CC Article 2232 limits interest to the maximum legal rate (interés corriente) established by the SFC.

A Payment Plan Agreement Colombia is needed whenever a debtor cannot satisfy an existing monetary obligation in a single payment and the creditor agrees to accept periodic instalments instead of pursuing immediate enforcement through the proceso ejecutivo under the Código General del Proceso (CGP — Ley 1564 de 2012) Article 422. The agreement preserves the creditor's legal rights while providing the debtor with a structured path to fulfil the obligation and avoid asset seizure (embargo y secuestro) proceedings.

The document is required when businesses owe trade debts to suppliers and need extended payment terms. Under Colombian commercial practice, suppliers frequently agree to payment plans rather than initiating costly litigation before the Juzgados Civiles del Circuito, particularly when maintaining the commercial relationship is economically advantageous. The Código de Comercio Article 822 applies the principle of buena fe to all commercial obligations, requiring both parties to negotiate restructuring terms honestly.

A payment plan agreement is needed when employees owe amounts to employers — for example, salary advances (anticipos de nómina), training cost reimbursements, or shortages detected through audits — and the employer agrees to deduct the debt in instalments from future salary payments. Under the Código Sustantivo del Trabajo (CST) Article 149, salary deductions require the worker's written authorisation, and the deduction cannot exceed the limits established by judicial attachment rules (embargo de salario) under CST Article 154.

The agreement is required when taxpayers negotiate facilidades de pago (payment facilities) with the DIAN under Estatuto Tributario Articles 814 through 814-3 for outstanding tax obligations including renta (income tax), IVA (value-added tax), and retención en la fuente (withholding tax). The DIAN may grant payment plans of up to five years, secured by real or personal guarantees (garantías reales o personales), with moratory interest calculated at the tasa de interés moratorio tributario under ET Article 634.

A payment plan is needed when condominium associations (copropiedades) in buildings governed by Ley 675 de 2001 (Régimen de Propiedad Horizontal) agree to allow defaulting co-owners to pay overdue administration fees (cuotas de administración) in instalments rather than initiating proceso ejecutivo proceedings or restricting access to common areas.

A valid Payment Plan Agreement Colombia under Código Civil Article 1602 and enforceable through the proceso ejecutivo under CGP Article 422 must contain the following essential elements to create a binding restructuring of the existing obligation.

Identification of Parties: Full legal names and cédula de ciudadanía numbers (for individuals) or NIT numbers (for legal entities registered with the DIAN and the Cámara de Comercio) of both the creditor (acreedor) and the debtor (deudor). Where a legal entity is a party, the representante legal must sign within the scope of authority registered on the Certificado de Existencia y Representación Legal issued by the relevant Cámara de Comercio. Contact addresses for notifications (direcciones de notificación) must be included for service of process purposes.

Acknowledgment of Debt: A clear, express statement by the debtor recognising the existence and amount of the original obligation (reconocimiento de la obligación). Under Colombian evidentiary law (CGP Article 194), a written acknowledgment of debt constitutes a confesión extrajudicial that is admissible as evidence in judicial proceedings. The acknowledgment must specify the principal amount (capital), accrued interest (intereses causados), and any penalties or fees included in the total restructured balance.

Origin of the Obligation: Description of the underlying obligation being restructured — whether arising from a contract (contrato), a título valor (negotiable instrument such as a pagaré or letra de cambio), a judicial judgment (sentencia), an administrative resolution, or any other lawful cause (causa lícita) under CC Article 1524. Identifying the origin is essential because the applicable prescription (prescripción) period, interest rate regime, and enforcement rules depend on the nature of the original obligation.

Payment Schedule: A detailed table or schedule specifying each instalment (cuota) number, the due date (fecha de vencimiento), the instalment amount in Colombian Pesos (COP), and the breakdown between principal and interest for each payment. Under CC Article 1627, payment must be made in the currency specified in the agreement. The schedule must be sufficiently precise to qualify as an obligación clara, expresa y exigible under CGP Article 422.

Interest Rate: The applicable remuneratory interest rate (interés remuneratorio — during the payment period) and moratory interest rate (interés moratorio — upon default), subject to the ceilings established by the SFC under CCo Article 884. Exceeding the maximum rate constitutes usura under Código Penal Article 305.

Acceleration Clause: A cláusula aceleratoria providing that default on any single instalment makes the entire outstanding balance immediately due and payable, entitling the creditor to initiate proceso ejecutivo enforcement under CGP Article 422 for the full remaining amount. The Corte Suprema de Justicia has upheld acceleration clauses as valid exercises of contractual autonomy under CC Article 1602.

Guarantees: Specification of any guarantees securing the restructured obligation — personal guarantees (fianza under CC Articles 2361 through 2409), real property mortgages (hipoteca under CC Articles 2432 through 2457), chattel pledges (prenda under CCo Articles 1200 through 1220), or aval on títulos valores under CCo Articles 633 through 642.

Default and Remedies: Clear definition of events constituting default (mora) and the remedies available to the creditor, including the right to declare acceleration, initiate proceso ejecutivo proceedings, charge moratory interest, and recover legal costs (costas procesales) and attorney fees (agencias en derecho) under CGP Article 365.

Forms-legal.com provides this Payment Plan Agreement Colombia template as a practical starting point for restructuring monetary obligations. Every payment plan agreement should be reviewed by an abogado civilista or abogado comercialista to confirm compliance with the SFC interest rate ceilings, the specific requirements of the original obligation, and any applicable consumer protection rules under the Estatuto del Consumidor (Ley 1480 de 2011).