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I am owed $ 10,000, currently being paid in monthly increments of $ 155. I have been offered a lump sum payment of $ 7,200, which I would like to accept. I would like to submit a letter of acceptance to the debtor, on my terms, and would like some suggestions as to how I should word the letter, ex. when the lump sum must be paid by, what happens if I don't receive the payment by the agreed upon date, can I hold him liable for legal expenses, should I have to sue, etc. And anything else I need to include. Thanks for your assistance.

Check out this sample letter of acceptance https://commun
If you want some time to make the debt payments, then talk to your creditors about it. Tell them the right reason for the delay payments. Request them for an extended payments plan. They might agree on your proposal.

Talk to them as soon as possible to avoid legal issues.

Sub: #1 posted on Tue, 06/05/2018 - 06:33

Sanders Patricia Sanders Patricia

(Posts: 1234 | Credits: )

If you don't get the payment within the date, you can file a lawsuit. However, before doing so, make sure that SOL on the debt hasn't passed yet. But before going into the legal hassle, you can contact the debtor and listen to what he/she is saying. if you think that's convincing you can wait for a few days. It might happen that you'll get the payment, just it's getting delayed by a few days.

Sub: #2 posted on Tue, 06/05/2018 - 06:52

Mabelle Page Mabelle Page

(Posts: 295 | Credits: )

You can't hold the debtor for the legal expense. If you want to sue him, you have to bear all the expenses. This is why many creditors think twice before filing a lawsuit. Plus, it's quite time consuming too. Accept what you're getting or else you'll have nothing.

Sub: #3 posted on Fri, 06/08/2018 - 05:29

ditchdebt ditchdebt

(Posts: 679 | Credits: )

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