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.
Part I of
this report gives sample letters you can write to your original creditors.
These include an unsolicited settlement offer, a letter countering a creditor’s
offer, a letter of acceptance to a verbal offer, and a debt settlement
agreement. Don’t forget to send your letters via registered mail with return
receipt requested.
Settlement
Offer Letter
Date
Your Name
Your
Address (Street Number, Street Name)
City,
State, and Zip Code
Your Phone
number
(Name of
Creditor)
(Creditor Office Street
(City,
State, and Zip Code)
RE:
Account #_________________
Dear
Sir/Madam (if you know the name of the
person in charge, the better),
I have
been unable to make payments on my account with your company which shows an
outstanding balance of $___________ because of financial hardships that I am
experiencing. (You can give a short
explanation of what has caused the hardship but be professional in your
explanation.)
I feel
that I have a moral obligation to pay this debt but do not have enough money to
pay it fully. However, I would like to offer a settlement amount of $
__________ which will consider this debt paid in full.
I
sincerely hope that you will be able to accept this offer inasmuch as it is all
I can afford. Should you accept this settlement offer, please send me a letter
stating that you also agree to these terms:
1.
That
you are accepting my one-time lump sum payment of $____________ as full payment
of the outstanding balance of $____________ which I owe to your company and
that no future litigation related to this account number will be filed against
me;
2.
That
you are going to report to the credit bureaus (Experian, Trans Union, and
Equifax) that this debt has been “Paid” and that any negative listing related
to this account be removed.
3.
That
you are going to send proof that the debt has been satisfied as soon as my
funds have cleared.
When I
receive your letter agreeing to this settlement, I will immediately send you
the agreed amount so I can get this burden behind me (you can also ask them to sign a debt settlement agreement that you
have already prepared and send you a copy). I appreciate your consideration
of my offer. Thank you very much for your time.
Sincerely
yours,
Signature
over Printed Name
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