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The Payment Agreement template provided in the YouTube video tutorial guides you through the steps of creating the document. Starting with the effective date and creditor information, including name, address, phone number, and email. Then, debtor details such as name, address, phone number, and email are entered. Next, input the total debt amount and create a payment plan specifying the amounts and dates. Finally, include the jurisdiction, such as Miami, where the agreement is located. Follow the link in the description to access the document form.