Creditor Name
Creditor Address

Dear Creditor,
Re: Account number

This letter is aimed at making a counter offer to the settlement offer made between me and your customer service representative, on <date>.

I appreciate your company’s willingness to work with me in settling this debt.

The amount we agreed to settle this debt in full is $_____. However, any references to late payment or charge offs on this account should be deleted from my credit file.

The fact is, I have several other companies to conduct debt negotiations with and have limited funds at my disposal. I will be able to pay only those companies who are willing to meet my terms. I have reached a settlement with a few creditors and undergoing the process with the others. I doubt if I would have enough funds to pay all at the end of this month.

If your company accepts the above terms, please sign the attached letter of agreement and send a copy to me. Only upon the receipt of the ‘signed agreement’, will I send you a money order in the amount stated above.

Yours truly,

Your Signature,
Your Name