Sample Settlement Of Debt Letter
If you approach a debt settlement company, then they would take care of all the details for you and negotiate a deal with your creditors. However if not, then you are the one who has to negotiate with your creditors and take care of it. In order to work out a debt settlement plan with your creditor, you need to explain your terms and get their agreement in writing. |
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So for this, you would need a debt settlement agreement letter. The letter would typically state the settlement conditions and terms. Everything will be included in the letter, and it will also make sure that the creditor agrees with it. However, not everyone knows how to write a debt settlement letter.
Here is a sample letter of debt settlement written by experts. You can use this to write something in your own words.
(Creditor's name), the Creditor/Creditor's Representative and (debtor's name), the Debtor agree to negotiate and settle the debt under the following terms and conditions.
The Creditor and Debtor agree that the current outstanding debt is <$ balance amount>. Both parties agree that the Creditor will accept a cash payment of $_________ towards settlement of the debt in full. The Creditor agrees to compromise the debt under the condition that he will receive the payment by [date].
If the Debtor fails to send in the amount agreed by, the Creditor shall immediately demand the payment of the original amount owed by the Debtor. (Creditor's name) also declares that he is authorized to act as an agent of the Creditor's company.
This agreement for debt settlement shall be binding upon the Creditor, Debtor and their successors and assignees.
Dated:
Signature:
(Creditor's name)
Creditor
Signature
(Debtor's name)
Debtor
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