For those of you who are interested to settle the debt yourself, the following is an example of good debt settlement letters to your creditors. It's the way you propose to offer them, in order for them to consider your account paid in full and thus reduces the amount of debt you owe, without the aid society or other external sources. The intention is that your creditors know that you are able to pay the entire debt to them, and to deal with them some of what you owe is the only way they're going to get the money you owe them.
Debtor Name
borrower Address
Debtor Phone #
Debtor e-mail address
creditors Name
The creditor Address
Dear creditors:
At this point I have no means to pay the entire balance owed on my account. Circumstances have occurred in my life that hinder me from being able to do so. I'm in over my head with respect to the debts I owe, and I am trying my best to take care of these debts without filing for bankruptcy.
If you accept my offer, I am willing to pay 50 percent of the balance owed, less any late fees and over limit fees. I understand that failure to pay the agreed balance of your company and me will result in collection action on the entire account balance. I will have funds available for payment of 31 January, 2010, and wanted to send me a confirmation letter stating that I paid my bill in full. I also request that you contact the credit reporting office and my record updated to reflect the state of my account as paid in full.
I'll be following up with you via phone calls, and would like you to contact me at the above number when you receive this letter. You can also reach me at the above address or via e-mail if it is more convenient for you.
I understand that this will lead to the closure of my account. When will I receive confirmation and approval of this settlement agreement, I will contact the department for the above mentioned date or after, if I get a certificate after that date. Pay attention to this issue is price.
Sincerely,
your name
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