When you want to agree upon debt, it’s essential that you send the debt company a form. The reason that you want to do this is to show that you have agreed to an amount. You don’t want to send them off money, thinking that you paid off your debts in full, and find out that things got mixed up and they never agreed in the first place.
What you’re going to find is that if you didn’t know already, you can agree to debt pay offs that don’t necessarily equal the total. For example, let’s say that you owe $10,000 on a bill. You may be able to call up, and settle on $5,500. Now, if they agree, this is when you will want to write the following letter.
How to write a debt agreement letter
YOUR NAME YOUR ADDRESS
Debt College Agency Name Address
RE: Your account number, or something to reference your debt.
To whom it may concern / Dear Mr/Ms. (Name):
In regards to our phone call on [DATE], I had brought to your attention that the balance on my account was currently [$TOTAL]. While I can’t afford to pay everything today, we had agreed that I could pay [$TOTAL] to cancel out the debt / balance.
Since I would like physical evidence, I would appreciate that you confirm this letter by signing a copy, and sending it back to me at my home address listed above. Once you accept my terms, and I receive this letter signed back from your company, I will proceed to send the check to your company within 21 days.
I hope this agreement still stands, and I appreciate you working with myself and my family. Thank you for understanding this situation.
Sincerely,
Signature Your name printed
———————————–
I, ___________________ agree that if [$TOTAL] is paid, the balance on account # [ACCT NUMBER] will be considered null, and the balance will be set to $0.
Signature: ________________________ Date: _________________________
Tips that you will want to use:
- Make sure that you send certified mail, so that you know that they have received it.
- Let them know ahead of time that you’re sending them a letter.
- If you don’t get a response within 30 days, be sure to follow up.
- Make a copy for yourself when you send it out.
- Once you receive a signed copy, send out your money and live up to your word. Save this copy for future evidence, if anything does happen.
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