Debt Settlement Letter Sample With Payment In Georgia
Description
Form popularity
FAQ
Settlement payments can be made in a number of different ways: lump sum payments, installments, or even in loose change.
There's also no guarantee a company can settle your debt. Some creditors won't accept a debt settlement offer or work with debt settlement companies. Any debts you successfully settle may further hurt your credit score, since settled accounts stay on your credit report for up to seven years.
Open with an introduction: Address the recipient respectfully and state the purpose of the letter—requesting a payment plan agreement. Provide context: Briefly explain the circumstances, such as financial constraints or unforeseen challenges, that necessitate the request.
Yes, you can often set up a payment plan with a collection agency. Here are the steps you can take: Contact the Collection Agency: Reach out to them directly. Use the contact information provided on any correspondence you've received. Discuss Your Situation: Be honest about your financial situation.
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.
The debt settlement company calls the borrower's creditor and negotiates a lump-sum debt payment of $20,000 to satisfy the previously required monthly debt payments of $10,000. The creditor, having written off the borrower due to non-payments for three months, accepts the lump-sum payment of $20,000.
Unfortunately, my circumstances are unlikely to improve in the foreseeable future and I have no assets to sell to help clear my debt. I am therefore asking you to consider writing off my debt as I can see no way of ever repaying it. If you are unable to agree to this, please explain your reasons.
I am applying to make a repayment arrangement on the grounds of financial hardship. I assume you will stay all enforcement action while you consider my application. If this is not possible, please let me know immediately in writing. I have been in financial hardship because (give a reason).
Treat the following as a set of general guidelines: Gather complete information before you start writing. Describe your injuries and medical treatment. List your medical expenses, lost wages, and non-economic damages. Make a settlement demand. Include a deadline for legal action if you want to, but don't bluff.
