Confirmation or acceptance of settlement offer

When you work out a debt settlement with creditors/collection agency, you need to confirm the offer in writing with their signatures on it. This is where you should use a Letter of Acceptance of debt settlement offer. This letter should be paired with your Debt Settlement Agreement Letter.


The Letter


Your Name



Your Address



Your Phone #

Creditor's Name
Department
Creditor's Address
Date


Dear Creditor,

Re: Account Number

This is a letter of confirmation or acceptance of the verbal offer in response to the mutual settlement agreement with your company representative over the phone.

I am impressed by your co-operation with me to help me settle the debt for less than what I owe. As agreed upon mutually, I confirm that I'll be paying $towards settlement of my debt in full. As part of the settlement, I request you to remove any negative listing (late payment, collection etc) on this account from my credit file.

I hope the above terms and conditions are acceptable to your company. On accepting my proposal, please send me the attached letter with your signature in order to confirm our agreement. Once I receive this signed acknowledged agreement, I shall forward you the payment amount (stated above) through 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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