Sample Letter of Settlement to Creditor
Sample Letter of Settlement to Creditor For Credit Repair
The purpose of this sample letter of settlement to creditor is meant for offering a settlement to pay off a debt that is owed. If the debt has already been sold to a collection company you can probably settle for less then 50% of the original balance. Remember to include all necessary paperwork for this sample letter of settlement to creditor to be effective.
Simply copy this sample letter of settlement to creditor letter and replace the information in brackets [ ] with your information.
To Whom It May Concern,
According to your records, I owe an outstanding balance of [Balance Amount in $], in reference to account number [Account Number].
I feel I have a moral obligation to pay this debt I owe; however, I do not have enough money to pay you in full. I would like to offer you a settlement amount of [Settlement Amount in $] to consider this account paid.
Please accept this offer, as it is all I can afford. If you accept this offer; please send me a letter that you are in agreement to the following terms:
- You accept a one time lump sum payment of [Settlement Amount in $] to satisfy my debt of [Balance Amount in $], owed to you.
- You agree to cease collection attempts.
- You agree to report to the credit bureaus Experian, Trans Union, and Equifax that this debt has been satisfied. Preferably that the debt has been paid in full; however that decision rests on your shoulders.
- You will send proof of satisfaction to me stating that the debt has been satisfied as soon as my funds have cleared.When I receive your letter I will immediately send you the agreed amount so I can get this burden behind me. I appreciate your consideration of my offer and thank you for your time.
Sincerely,
[Signature]
[Name]
[Current Address]
[City, State Zip]
Phone Number: [Phone]
[Date]
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