BBB reliability program

Letter 15

Creditor (Installment Contract) Settlement Agreement Letter

This letter is used for obtaining a written commitment from a creditor for which you are trying to settle with by paying in installments. 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 #15

 

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 _____ monthly installments of $_________, without
interest. The first payment is to begin on / / , and each remaining payment to be paid on the ______ day of each month. I will mail these payments to your office located at:
___________________________________________________________________________.

3) My non-payment of the full amount of each payment 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: X_______________________
Name

X_______________________
Signature

X_______________________
Title
Sincerely,
__________________________________________
Signature


Address:________________________________________
________________________________________

Date: _________________________________________


 


 

 

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