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This letter is to send you a proposal regarding settlement of my debt in full.

The fact is, I have been through difficult times with my personal finance. As a result, I haven't able to make payments on my debts. However, I am now in a favorable position to take care of my debt whose account number is given above. I really appreciate in advance your willingness to help me resolve this issue.

The amount that I propose to pay in order to settle the debt is full is $____________. I shall also request you to remove negative entry (late payments, charge-off etc) on the account from my credit report.

Currently, I am negotiating with a number of creditors and have even reached mutual agreement for settlement on a couple of debts. Unfortunately, I have less money available to pay all my creditors. Thus, I will most likely be able to pay those creditors who are willing to meet my terms.

I doubt whether or not I'll have enough funds remaining by the end of this month. However, I am willing to offer some more money to those creditors who would try to remove negative listing on this account from my credit report.

If you find my terms and conditions acceptable, please sign this attached letter and return a copy to me. Once I receive the copy signed and acknowledged by you, I shall send you a money order in the amount as stated above.