Your Name
Your Address
Your Phone #

Creditor’s Name
Department
Creditor’s Address
Date

Dear Creditor,
Re: Account Number__________ 

I appreciate that your company is willing to work with me in settling my debt and paying it off. This letter is to make a counter offer in response to the settlement offer made by your customer service representative (over the phone) on [date].

The amount that I would propose to settle the debt in full is $_________. However, I would request you to remove any late payment entry or charge-offs on this account from my credit report.

I’d like to inform you that I have several debt accounts with other creditors as well. Unfortunately, I have limited amount of funds. So, I can pay only those creditors who are willing to meet my terms. I have already reached mutually agreeable settlements with a few creditors and I doubt whether I’ll have enough funds to pay everyone.

If your company is willing to accept my proposal, please sign the attached letter of agreement and return a copy of the same to me. As soon as I receive this signed acknowledged agreement, I shall send you the money order in the amount I’ve proposed.

Yours truly,

Your Signature
Your Name

And this my friends is a sample debt settlement letter.

There are many other variables to consider when writing a debt settlement letter. These include such things as: how much money is owed. How much money has been paid off. How long have the accounts in question been open. Were there special circumstances which lead to falling behind on your debt payments, things such as a job layoff, illness or death in the family, was there some emergency cosmetic surgery needed, things of this nature.

When all these ducks are in a row, then fire away and hope for the best. As they say - reach for the stars!

 

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