One of the most important rules to follow when it comes
to debt settlement is to always communicate with the original creditor or debt
collector through letters. It should be sent through registered mail with
return receipt requested so that you have a paper trail of your transactions.
If you are not sure how to go about writing a debt settlement letter, here are
some samples to help you get started. Remember that you have to craft the
letter to fit your unique situation so don’t just copy and paste. Make sure
that you review it before sending so your letter becomes more effective.
Letter Countering a Creditor’s Offer
Date
Your Name
Your Address (Street Number, Street Name)
City, State, and Zip Code
Your Phone number
(Name of Creditor)
(Creditor Office
Street Number and Address)
(City, State, and Zip Code)
RE: Account
#_________________
Dear Sir/Madam (if
you know the name of the person in charge, the better),
Thank you very much for your willingness to work out a
debt settlement agreement with me. However, I am short of funds at present. (Give a short explanation why have you
defaulted on your payments. Be honest but professional about it. Stick with the
facts). This is/These are the reason/reasons why I cannot afford the amount
you have suggested.
However, I would still like to settle my debts with your
company so I would like to propose a counter offer:
I would like to offer an amount of $_________ to settle
the outstanding debt balance of $_________ for the account mentioned above.
I would also like to request the following conditions as
a part of my settlement offer:
1. My
account will show “Paid in Full” with no future money owed associated with the
account number mentioned in this letter.
2. Any
lawsuit filed against me will be dismissed and no future litigation related to
this particular account will be filed against me.
3. All
the negative listings related to the account mentioned above will be removed
from the credit bureaus.
Inasmuch as I have several debt accounts with other
creditors, I will only be able to pay those creditors who are willing to accept
a settlement amount that I can afford. I have enclosed a copy of my financial
statements for your consideration.
If my settlement offer is acceptable to you, then please
sign the debt settlement agreement enclosed with this letter and return a copy
of the agreement to me.
As soon as I receive the signed agreement from you, I
will send you the money order in the amount I have proposed.
Sincerely,
Signature over Printed Name
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