Agreement for debt settlement with creditor or collection agency

If your creditor (or collection agency) makes an offer for settlement of your debt, confirm it in writing before you make a payment. Use the Debt Settlement Agreement Letter for putting down the terms and conditions of the offer and get it signed by your creditor. Here's a sample letter for you to understand this better.


The Letter


Your Name



Your Address



Your Phone #

Creditor's Name
Department
Creditor's Address
Date


Dear Sir or Madam,

Re: Account Number

In response to my recent conversation with your customer service representative, I'd like to present a complete assessment of my financial situation.

Unfortunately, I have a lot of debt and not enough funds to pay all my creditors. So, I'll only be able to negotiate and settle my debt with a few creditors. I have enclosed a copy of my financial statement detailing my monthly income and expenses. This will help you assess my financial situation and give you an idea why I have requested debt settlement.

The final debt amount that we agreed upon is $ . As part of the settlement agreement, I request that you co-ordinate with the credit bureaus to remove any negative listings on my account from the credit report.

Given my situation, I hope you'll refrain from taking further action against me as payment will be forthcoming once I have received your signed acknowledgement of our agreement. I shall review my financial situation on a regular basis and inform you about any positive or negative changes.

I hope you'll understand my situation and co-operate with me in this hour of financial crisis. I look forward to receiving a written confirmation from you regarding this debt settlement agreement.

Sincerely,


Your Signature



Your Name




What you can get in our community

Educate Yourself

Community Tools & Resources

Community Buzz

DebtConsolidationCare (IAPDA member)
Inter Next Technologies, Inc., Internet Marketing Services, Reno, NV
Connect With Us
About Us | Contact Us | Privacy Policy | Affiliate | Sitemap | Espanol | RSS Feeds | Terms of Services | Newsletters
Copyright © 2015 DebtConsolidationCare | 301 W. 11th Street Unit E Reno, NV 89503, United States
* Disclosures:
  1. By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
  2. Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
  3. Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
  4. Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
  5. The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.
Page loaded in 2.382 seconds.