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(The following is for educational purposes only, and it should not be construed as legal advice. PayingPaul.Com makes no guarantees about the accuracy of any information included here. For legal advice, please consult an attorney or lawyer in your state).
Debt Settlement Letters
The following is a sample credit card debt settlement letter. It is important that one do not disburse any payments to a collection agency or credit card company unless they receive a signed settlement letter. Creditors have been known to dupe unsuspecting consumers by making settlement offers and checks by phone when no written agreement was ever in place. Meanwhile, consumers do not learn of their dubious technique until the next statement arrives in the mail and the payment for settlement is actually just deducted from the principal balance. It should be noted, however, that some credit card companies in particular may insist on getting your checking account information before issuing a settlement agreement. If this is the case and the settlement offer is very lucrative, then one may want to consider submitting checking account information, but post-dating their check so that the debit can be blocked or cancelled if a letter is never received. In general, banks are more trustworthy in this regard to honoring these agreements than third-party debt collectors. Some popular banks that one may encounter doing this include Bank of America, HSBC, Citibank, Discover, Washington Mutual, Wells Fargo, Chase, American Express, and Capital One to name a few.
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___________(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)
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Debt Settlement Letters
The following is a sample credit card debt settlement letter. It is important that one do not disburse any payments to a collection agency or credit card company unless they receive a signed settlement letter. Creditors have been known to dupe unsuspecting consumers by making settlement offers and checks by phone when no written agreement was ever in place. Meanwhile, consumers do not learn of their dubious technique until the next statement arrives in the mail and the payment for settlement is actually just deducted from the principal balance. It should be noted, however, that some credit card companies in particular may insist on getting your checking account information before issuing a settlement agreement. If this is the case and the settlement offer is very lucrative, then one may want to consider submitting checking account information, but post-dating their check so that the debit can be blocked or cancelled if a letter is never received. In general, banks are more trustworthy in this regard to honoring these agreements than third-party debt collectors. Some popular banks that one may encounter doing this include Bank of America, HSBC, Citibank, Discover, Washington Mutual, Wells Fargo, Chase, American Express, and Capital One to name a few.
- - - - - - - - - - - - - - - - - - - - - - -
___________(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)
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