BBB reliability program

Letter 14

Creditor (Lump Sum) Settlement Agreement Letter

This letter is used for obtaining a written commitment from a creditor for which you are trying to settle with by means of a lump sum payment. This is a very important step when settling any account to ensure that the terms will be honored and the information will be reported to the credit bureaus.

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Preview of Letter #14

 

To Whom It May Concern,

I am writing to reaffirm our agreement regarding the settlement of a debt that I owe to your company. The terms agreed upon were:

1) “I”__________________________, agree to pay __________________________”YOU” the amount of $__________ in full satisfaction of all amounts that I owe you, and YOU agree to accept this amount in full satisfaction of all amounts that I previously owed you.

2) I agree to pay the above amount in one installment for the amount of $__________. I will render a check on / / , I will mail this payment to your office located at:
Address:_____________________________________________________________________

If incorrect please correct address here:
____________________________________________________________________________

3) My non-payment of the full amount when it is due will leave me in default. If I am in default, you may send me a written notice advising me that, if I do not pay the overdue amount by a certain date, the entire unpaid balance will become due within 30 days after the date on which the notice is delivered or mailed to me.

4) Upon discharging this debt, you agree to notify each credit bureau to which you report credit information, that any adverse credit information regarding my account with you is no longer verifiable, and that it should be deleted from my credit report.

If you agree to the terms and conditions contained herein, please sign this agreement in the places provided and return this document to me at the address shown below.

Terms and conditions accepted and agreed by: _____________________________________________
Name
____________________________________________
Signature
____________________________________________
Title
Sincerely,
____________________________________
Signature

Address: _________________________________________
_________________________________________
_________________________________________

Date: ________________

 


 

 

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