Debt settlement agreement with creditor or collection agencyIf you're working out a debt settlement agreement with your creditor or collection agency, make sure you get it in writing from them. This is when you need the Debt Settlement Agreement Letter stating the terms and conditions of the settlement. Debt Settlement Agreement Letter - Sample 1 (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 This agreement for debt settlement shall be binding upon the Creditor, Debtor and their successors and assignees. Dated: Signature: (Creditor's name), Creditor Signature (Debtor's name), Debtor |
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