Use our free Debt Settlement Offer Letter Template to propose a settlement agreement to your creditors. Download in PDF or Word format now!
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Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate credit score services to help you make smart decisions with your money. When debt piles up and it's no longer possible to pay, consumers may feel trapped. However, it's not necessary to hide from collection agencies until the statute of limitations expires. If lowering your total debt would help you pay it ...
Don't you realize how that is going to haunt you for years? · If they offer you a settlement, demand a settlement letter prior to agreeing to any terms. Have them fax it to you immediately. Obviously answered by a non-lawyer. An offer to settle can be revoked or changed at any time before it is accep ...
Debt settlement (also called debt reduction , debt negotiation or debt resolution ) is a settlement negotiated with a debtor's unsecured creditor. Commonly, creditors agree to forgive a...
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This debt settlement agreement is between , (the "Creditor"), and , (the "Debtor"). ; The Creditor and the Debtor are parties to a dated (the "Original Agreement"), a copy of which is attached to this agreement as Exhibit A. ; Under the Original Agreement, the Creditor loaned the original principal amount of $ to the Debtor. ; The Outstanding Debt constitutes the entire outstanding indebtedness of the Debtor to the Creditor as of the effective date of this agreement, including principal, interest to the date of this agreement, and costs.
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Explain your predicament. Avoid getting emotional about the problems in your life, but you should explain your reason for needing to settle your debt. It will help your case if you can refer to a particular cause, such as an accident, divorce, or something else that is not likely to repeat. If you've simply overspent, the company will be less inclined to settle, because they have no assurance that your spending habits will change in the future. ...
For example, if you owe $10,000 USD, consider making an initial offer of $3,000 USD. Thoroughly examine your current income and household expenses in order to figure out what amount of settlement offer you can make. Debt settlements are usually lump-sum offers (paying the agreed-upon amount all at once to satisfy the debt). You can definitely try making a settlement payment plan—for instance, cutting a monthly debt payment from $1,000 to $500 USD—but this has lower odds of success.