Acceptance of debt settlement offer

If you've negotiated your debt with your creditor or collection agency, you need to confirm the offer in writing and get the creditor's signature prior to making any payment. This is where a Letter of Acceptance of a Verbal Debt Settlement Offer can help. Below is a sample format of a letter.


The Letter


Your Name



Your Address



Your Phone #

Creditor's Name
Department
Creditor's Address
Date


Dear Sir/Madam,

Re: Account Number

This letter is to confirm the debt settlement offer made between myself and your customer service representative over the phone on [date].

I appreciate that your company has agreed to work with me in settling my debt. The amount that your representative and I have agreed upon to settle the debt in full is $.

I would appreciate if you would co-ordinate with the credit bureaus and remove any negative listings related to this account.

I hope you'll find the above terms acceptable. If so, please sign the attached acceptance agreement and return a signed copy to me. As soon as I receive this signed and acknowledged agreement, I shall forward you the settlement amount via money order.

Sincerely,


Your Signature



Your Name




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  2. Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
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