![]() ⚠️ The account number you’ll include on the reference line should be the one provided directly by the creditor. This must be included so the creditor will know exactly which debt you’re proposing to settle. The “reference” line should include the relevant account number. If there’s no specific individual, make a phone call and get the name of a person likely to be in a capacity to work with your proposal. You should send a letter to the person you’ve been dealing with at the company. If that happens, your proposal will never be read, let alone acted upon. In a very large organization, correspondence not directed to a specific individual can easily end up in the dead letter file. If you simply address the letter to the company, it may never find its way to an individual who will act on your proposal. Notice that the name of a contact person in the organization is included in the creditor’s address? This is a critical point. If you visit your PO Box only infrequently, you may miss a deadline included in the creditor’s letter of acceptance. Using a post office box is not recommended, since time may be of the essence. Your AddressĪs the sample letter shows, you’ll enter your name, home address, and phone number at the top. Though the address section may seem like more of a formality than anything else, it includes information critical to a debt settlement proposal. Now that you have a basic idea of what a debt settlement letter looks like, we can get into the details of each section, and why you need to convey the specific information shown. Your letter will be less effective if our instructions are still visible! What’s in a Debt Settlement Letter? These instructions are indicated by _ text.īe sure that you fill in all required information and delete the _ text before you send the letter. You will see instructions for the information that you will need to insert. This template must be customized to fit your circumstances. ⚠️ Please Read Before Using This Template! ⏬ Debt settlement letter template for Google Docs ⏬ Debt settlement letter template for Microsoft Word Debtor Download debt settlement letter templates: Upon receipt of your letter of acceptance, I will immediately forward payment for the agreed-upon amount.ĭaniel D. If you agree to this arrangement, please prepare and mail a letter of acceptance to me. Please accept this amount in full satisfaction of the entire balance, and report the account as paid with each of the three major credit bureaus, Experian, Equifax and TransUnion. ![]() I understand the importance of settling my obligations, and I propose to settle the debt for $XXX. It is not possible for me to pay the full debt, due to my recent (job loss, medical event, divorce, business failure, death of a loved one, etc.). In regard to the above-referenced debt, I wish to propose settling the account for a reduced amount. Review the sample letter, then we’ll break it down with some items to consider for each section. Customize it to fit your individual circumstances. You can use the sample debt letter below as a template for your own debt settlement effort. Let’s look at example of the type of letter you’ll need to send to start the process. You’ll use the letter to propose settling the debt for a reduced amount. If you decide to try to settle your debts, you’ll start the process by writing a debt settlement letter. Before you contact a creditor, consider the advantages and disadvantages of debt settlement. ![]() If you have debts that you truly cannot pay, debt settlement may be an option. ![]() When you purchase through referral links on our site, we earn a commission. * Sync your notes to Google task, let you sync/backup online.FinMasters content is free. * Share your notes via e-mail, SMS, and etc. You don’t have to do anything to save them. * Set reminder to your notes, no longer missing you important things * Transform your note into a checklist view * Five kinds of notes background color available to change, make your notes in personalized way. * Add Checklist for To do list & Shopping list * Can be organized in folders, easy to classified your notes * Add sticky note widget to your desktop, easy to open and edit your notes. You also can cloud sync notes to the Google task. It makes to take a note easier than any other notepad and memo apps. It gives you a quick and simple notepad editing experience when you write notes, memo, email, message, shopping list and to do list. Notes is a good helper to manage your schedules and notes. ![]()
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