Debt Settlement Letter

for Your State

This Debt Settlement Letter is between a debtor and a bank and/or creditor who agrees to settle a debt under certain terms and conditions. This settlement letter can easily be tailored to fit your unique situation.

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This Debt Settlement Letter is between a debtor and a bank and/or creditor who agrees to settle a debt under certain terms and conditions. This agreement sets out the specific arrangements to settle the debt including the amount outstanding on the current debt and the final amount which the creditor has agreed to take in order to settle the debt. It also sets forth that the payment will be made in person on a certain date and requests that no further collection action be taken. It is imperative that an agreement of this type be clearly set out in writing. A written Debt Settlement Letter will be beneficial in the event there are future questions surrounding the pay-off of the debt or references to the debt on a credit report.

This Debt Settlement Letter includes:
  • Parties: Name of the debtor and the creditor and/or bank who holds the debt;
  • Amount of Debt: Sets forth the outstanding current debt and the amount which the creditor has agreed to as a final settlement of the debt;
  • Collection/Credit Report: Sets out a request that no further collection action be taken and that any reference to the debt's interest rates or late fees be removed from the creditor's credit report.

Protect yourself and your rights by purchasing this attorney-prepared form.

This attorney-prepared package includes:
  1. General Information
  2. Instructions and Checklist
  3. Debt Settlement Letter
State Law Compliance: This form complies with the laws of all states
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.
 
 
Debt Settlement Letter

 

From:
Debtors Name:
Debtors Address:
Date:
 
Dear Sir/Madam,
 
Re: Account No. ________________________________
 
I the undersigned really appreciate that your bank is willing to work with me in settling the outstanding debt. I hereby agree to this settlement of debt based on the following terms and conditions:
 
1.   The outstanding current debt amount is $__________________.
 
2.   The final amount agreed by your bank as per the latest correspondence dated _______ is $________.
 
3.   I wish to make this payment in cash by personally coming over to your bank on Monday morning and handing over the amount to the manager in charge of this account.  I hope that once I pay the said amount, it will result in complete discharge of the debt.
 
4.   I also request you to take into consideration the fact that as per the last correspondence dated ________, your bank has agreed that all my interest rates, late fees or any reference to them are to be eliminated from my credit report.
 
5.   Please refrain from taking any further action against me as the payments will be maintained as decided in this letter.
 
If the above terms are acceptable to your bank, please sign at the below of this letter and return the copy to me. Only upon the receipt of the signed letter, I will visit your bank and make the said payment.
 
Thanking you in advance.
 
Yours truly,
 
____________________________
Signature
 
ACCEPTED
Bank's Seal and Signature:  _____________________________
Name of the Bank:    _________________________________
Date:    ______________________
Number of Pages5
DimensionsDesigned for Letter Size (8.5" x 11")
EditableYes (.doc, .wpd and .rtf)
UsageUnlimited number of prints
Product number#43599
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.
 
 
Debt Settlement Letter

 

From:
Debtors Name:
Debtors Address:
Date:
 
Dear Sir/Madam,
 
Re: Account No. ________________________________
 
I the undersigned really appreciate that your bank is willing to work with me in settling the outstanding debt. I hereby agree to this settlement of debt based on the following terms and conditions:
 
1.   The outstanding current debt amount is $__________________.
 
2.   The final amount agreed by your bank as per the latest correspondence dated _______ is $________.
 
3.   I wish to make this payment in cash by personally coming over to your bank on Monday morning and handing over the amount to the manager in charge of this account.  I hope that once I pay the said amount, it will result in complete discharge of the debt.
 
4.   I also request you to take into consideration the fact that as per the last correspondence dated ________, your bank has agreed that all my interest rates, late fees or any reference to them are to be eliminated from my credit report.
 
5.   Please refrain from taking any further action against me as the payments will be maintained as decided in this letter.
 
If the above terms are acceptable to your bank, please sign at the below of this letter and return the copy to me. Only upon the receipt of the signed letter, I will visit your bank and make the said payment.
 
Thanking you in advance.
 
Yours truly,
 
____________________________
Signature
 
ACCEPTED
Bank's Seal and Signature:  _____________________________
Name of the Bank:    _________________________________
Date:    ______________________

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