Kings New York Sample Letter for Settlement Offer with Review of Release
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FAQ
Writing the Settlement Offer Letter Include your personal contact information, full name, mailing address, and account number. Specify the amount that you can pay, as well as what you expect from the creditor in return. A good starting point for negotiation could be offering around 30% of the amount that you owe.
I am willing to opt for one time settlement in order to close the loan account. I can make the all dues in one payment by...... (Date). Even though it will be very hard in arranging this money, I am still willing to do it.
It depends on what you can afford, but you should offer equal amounts to each creditor as a full and final settlement. For example, if the lump sum you have is 75% of your total debt, you should offer each creditor 75% of the amount you owe them.
I am writing this letter to state that on (Day) i.e. (Date), I got relieved from your (Company/ Organization) but my full and final settlement has not been done. I request you to kindly do the full and final settlement and send me all dues (if any).
Typically, a creditor will agree to accept 40% to 50% of the debt you owe, although it could be as much as 80%, depending on whether you're dealing with a debt collector or the original creditor. In either case, your first lump-sum offer should be well below the 40% to 50% range to provide some room for negotiation.
The language can be as simple as: In order to settle this matter amicably, I offer you the sum of amount (inclusive of interests and costs) as the full and final settlement of the above claim/debt.
If you do have access to money to make a Full and Final Settlement offer, then you can negotiate with creditors for debt settlement. You do not have to make the same offer to all your creditors. You need to be sensible when it comes to making an offer.
I am writing about the money which you are claiming I owe on the above account. I can confirm that I am unable to offer to pay in full what I owe. and I want to offer this as an ex-gratia payment in full and final settlement of the account.
I am willing to opt for one time settlement in order to close the loan account. I can make the all dues in one payment by...... (Date). Even though it will be very hard in arranging this money, I am still willing to do it.
Subject: Request for settlement of my loan. Dear Sir / Madam, I am the holder of Savings/Current Account, A/C No..... (Account Number) in your bank. I was granted a personal loan / business loan / vehicle loan of Rs 10,00,000 by your bank and the repayment period is 5 years and interest rate is 13 percent per annually.