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You want to settle a debt with a creditor or collector and maintain a record of your actions.

The term "settle" is used when you wish to pay less than the balance owed on a debt. Settling a debt is often used to reach a compromise with creditors or collectors over a particular debt in order to avoid or end litigation. The actual settlement is what both parties have agreed to accept as payment. Use the free sample letter below to draft your own debt settlement offer.

Feel free to copy and paste the letter below into your word processor or have Rich send you a
free copy of the debt settlement letter

Free Sample Debt Settlement Offer Letter

Today's Date

Your Name
Home Address
Phone Number

Attention: {name of collector or collection agency}
Address

RE: Collection letter dated {date of letter here} or phone call on {date of call here} reference account #: {account or reference number}

Dear Mr./Ms. {Collector's or Collection Agency's Name}

I do not agree that I owe as much as you claim I owe on the above referenced account. In an effort to save both of us a great deal of time and expense I am offering to settle this account for $ _______. (see alternative text below)

If you accept my offer, please send written confirmation to my address listed above. Once I receive your written confirmation, I will mail payment to your organization within five business days. If you wish to discuss this settlement offer, I can be reached at (insert daytime phone number with area code). However, please understand that I will not make any payment until receiving written confirmation that you accept my offer.

Sincerely,

Signature
Your Printed Name

 

Back to Letter

Alternative Text

I do not agree that I owe as much as you claim I owe on the above referenced account. In an effort to save both of us a great deal of time and expense I am offering to settle this account by making payments in the amount of $ ___________ every month (week or two weeks.

Send this debt settlement letter via "return receipt requested" and keep a copy for your records.

Be sure to use the Mailing and Record Keeping Instructions

If the Statute of Limitations for enforcing this debt has expired, consider using this free expired SoL sample letter

If you've fallen behind on your bills, especially credit cards, don't panic. You may have several good options available to you. Your success starts by assessing your current situation and finding a trusted service provider that is licensed in your state.
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