Add Number Fields Legal Illinois Debt Settlement Agreement Forms For Free

Major protections in the new law include: upfront fees are limited to $50, settlement fees are capped at 15 percent of the savings made by the consumer; settlement agreement fees may not exceed the principal amount owed; and consumers may cancel contracts at any time and be eligible for a refund of fees.

Typical debt settlement offers range from 10% to 50% of the amount you owe.

To make a settlement agreement valid and approved by a judge, here are 9 things to include in your settlement agreement. A Legal Purpose. An Offer. Acceptance of the Terms. Valid Consideration on Both Sides. Mutual Assent. Waiver of Unknown Claims. Resignation. Confidentiality Clause.

It is possible to negotiate directly with creditors and settle your debt for less than you owe, but you may want the help of a professional. A quick counseling session from a certified credit counselor can help you discover your options and choose the right path forward.

Most debt settlement letters include: The date, name, and address of the credit card company. A notation after the address that this is regarding a hardship letter. The credit card number and amount of the debt. A short statement of your financial situation, why you're in that situation, and why full payment is a hardship.

Debt settlement isn't free. Most companies charge a fee of 15% to 25% of the amount you owe. For example, if you owe $10,000, and the debt settlement company charges a fee of 25%, you'll pay $2,500 once the settlement is complete (in addition to paying the settled amount to your creditor).

You should look to include a provision that looks something like this: "Claimant and Employer hereby mutually release and forever discharge each other and each of their affiliates, subsidiaries, parent corporations and their respective agents, present and former directors, officers, executives, employees, predecessors ...

Contents of a Debt Settlement Agreement Date of the agreement. Name and address of the creditor. Name and address of the debtor. Original loan amount and its date. Rate of interest. Due date of the loan. Final settlement amount. Signatures of both parties.

Ing to Illinois law, the statute of limitations on credit card debt is five years. Statutes of limitations are used by all states to prevent legal action on claims that have become old or "stale." A state may have dozens of different statutes of limitations applying to hundreds of different types of claims.