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.
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.