Letter to Settle Past Due Account

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This Letter to Settle Past Due Account is used by a debtor who wishes to settle a past due account. This letter sets out the proposed terms of the settlement and requests that creditor remove any negative information from debtor's credit file. It is important that any offer to settle a debt be set out in writing.

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This Letter to Settle Past Due Account is for use when a debtor desires to settle a past due account. This letter sets forth the name and address of the creditor or collection agency, account number and the proposed amount to settle the account. It also sets forth if settlement will be made in one lump sum or by payments for a set amount of time. In addition, this letter requests that any negative credit information be deleted from debtorís credit files. It is imperative that this letter be set out in writing. A written offer to Settle Past Due Account will serve as official notice that a debtor is offering to settle an account.

This Letter to Settle Past Due Account includes the following:
  • Creditor Information: Sets out the name and address of the creditor or collection agency and the debtorís account number;
  • Proposed Settlement: Sets forth the debtorís proposed terms to settle the account including if payment will be made in one lump sum or in payments over a number of months;
  • Credit Information: The debtor requests that all negative credit information be removed from his or her credit report;
  • Certified Mail: This letter should be sent via certified mail or any other type of mail where the debtor will have proof that creditor received the settlement offer.

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This attorney-prepared packet contains:
  1. Letter to Settle Past Due Account
State Law Compliance: This form complies with the laws of all states
Number of Pages3
DimensionsDesigned for Letter Size (8.5" x 11")
EditableYes (.doc, .wpd and .rtf)
UsageUnlimited number of prints
Product number#29252
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.
Initial Dispute Letter:
Your Name
City, State & Zip
Name of Creditor/Collector/Attorney
City, State & Zip  
Attn: Mr./Ms. 
RE: Account/File #:
      Settlement Amount: $ 
Dear : 
I am writing to request your assistance with regard to my proposed settlement of the above-described account.  
As per our recent telephone conversation, I was recently involved in a very traumatic divorce, and was required to vacate the family home. All outstanding accounts were to be divided up in the divorce proceedings.  However, with changes to my address and marital status, perhaps any bills that should have been sent to me at my new address were perhaps sent to my former address. In other words, I never received the bills or statements.  
While trying to rebuild my life, I discovered that these accounts were being reported as collection matters on my credit reports.  I am trying to rebuild my credit after this life-changing event in my life. As we discussed, right now, I am doing the very best that I can, given these difficult circumstances.  
I would like to propose the following settlement of account number ___________________, with an outstanding balance of $_____________________, which is a large sum for me at this time.
I would like to offer a settlement of $___________________, to be paid as .   
I am also concerned of the negative information that currently is being displayed on my credit bureau files.  I understand that this negative information you have placed on my credit report could remain for a period of 7 years, even after repayment of the debt.  However, I have the right to remove any information from my credit report through the suppliers of the information.  
I respectfully request that because of my unfortunate and horrible situation, your would notify the credit bureaus to delete this account from my files when the settlement on this account is paid in full, as it does not reflect on my willingness to pay my moral and legal obligation to pay my debts.  
Please contact me so that we may amicably resolve this situation.  Thank you for your attention in this unfortunate situation.  
Respectfully yours,
Your Signature
[Your Printed Name]
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