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(Creditor's name), the Creditor/Creditor's Representative and (debtor's name), the Debtor agree to negotiate and settle the debt under the following terms and conditions.

The Creditor and Debtor agree that the current outstanding debt is <$ balance amount>. Both parties agree that the Creditor will accept a cash payment of $_________ towards settlement of the debt in full. The Creditor agrees to compromise the debt under the condition that he'll receive the payment by [date].

If the Debtor fails to send in the amount agreed by, the Creditor shall immediately demand the payment of the original amount owed by the Debtor. (Creditor's name) also declares that he is authorized to act as an agent of the Creditor's company.

This agreement for debt settlement shall be binding upon the Creditor, Debtor and their successors and assignees.