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Agreement To Settle, Sample Debt Letter

Dr. Venkman Rep Points:
Posted on January 20, 2010 at 1:41 am
Hi can you help me out with a sample debt settlement letter or do u have a pre-drafted agreement (to settle with the creditor) that I can copy?

Wendie Rep Points:
Posted on January 20, 2010 at 3:03 am
Sample agreement to settle debt letter:___________(name) ___________(address line 1) ___________(address line 2) ___________(collection agency or creditor) ___________(address line 1) ___________(address line 2) _____________(date) RE: _____________(account number) Subject: Settlement Offer Current Account Balance: ______ Dear ________________, This letter is to confirm our conversation on _____(date of conversation) during which ___________(debtor) made the following offer to settle the above referenced account: I, __________ (debtor), will pay ____________(bank or collection agency) _______ (settlement amount) through certified funds to be received in your office no later than __________(date). This will fully satisfy the obligation of the parties under the above referenced account. _____________(bank and collection agency) will then cease all collection efforts. __________(bank and collection agency) reserves the right to withdraw this offer in the event that full payment is not received by ________(date). I am pleased that we could work with ________(collection agency) to resolve this matter. If you agree to the above agreement, please sign and fax back this agreement to ______(fax number) and funds will be disbursed accordingly. Creditors Position or Title _____________________________ Creditor’s Authorized Signature: Date: ____________________ Sincerely, ________________(name)

customer no. 5 Rep Points:
Posted on January 20, 2010 at 3:09 am
What is a sample debt settlement letter? What is it for?

Niles Rep Points:
Posted on January 20, 2010 at 3:16 am
If you are to deal with collection agencies, beware of their tactics-- they'd do anything to collect. It's their job. So to ensure that they don't get one up on you - have everything IN WRITING. So if you propose something to them and they agree to a settle a credit card debt, you must receive a debt settlement letter (from the creditor) before you even send them a cent to satisfy the balance. 

Dr. Venkman Rep Points:
Posted on January 20, 2010 at 3:18 am
And if they refuse? Does that mean that they're not settling?
Posted on January 20, 2010 at 3:27 am
Not really, if you are doing debt settlement d.i.y. you may send them a settlement letter and request that they sign and mail it back to you. If they refuse to do this, perhaps they are not taking you seriously, and it's time for you to get help from the professional settlement companies.
Posted on January 20, 2010 at 3:31 am
Another advantage of using a debt settlement company, though it would cost you 15% of your debt (or 20-25% or the settled amount if ever) is that the negotiators at the settlement company work with various creditors on a daily basis. They probably have worked with every creditor in the country so they know the characteristics of each.Debt settlement, if you don't already know, aims to negotiate your balance to more or less half of its original amount. Imagine the convenience and savings from enrolling to one vs. you doing it by yourself.

Stephanie Says Rep Points:
Posted on January 20, 2010 at 3:32 am
I agree and speaking of debt settlement companies: here's a list of what to look for in one:-The settlement company's program must have a fast completion time. 12-36 months.-The program must be able to protect and improve the consumer's credit standing.-Must be a member of the Better Business Bureau, BBB, for at least 5 years.-Must also have a good standing with the Chamber of Commerce-A Member of TASC - The Association Of Settlement Companies and the IAPDA or theInternational Association of Professional Debt Arbitrators

honest (Guest) Rep Points:
Posted on September 27, 2010 at 3:24 pm
Nonesense... It's easy to do yourself and you can get a better price than a settlement company. Don't pay for 5months and then work at 25%