The purpose of this document is to settle a debt for less than you owe with an Original Creditor. Send 2 copies for his/her signatures.
To Whom It May Concern:
RE: Creditor Settlement Agreement
I am writing to confirm our agreement regarding the settlement of a debt that I previously owed to your company. The terms we agreed upon were:
1. (“I”), ____________________________ (Debtor), agree to pay (“You”), _________________________ (Creditor), the amount of ________________ Dollars ($________________) in full satisfaction of all amounts that I owe to You, and You agree to accept this amount in full satisfaction of all amounts that I previously owed You.
2. If I do not pay the full amount of payment on or before _______________, by certified funds, I will be in default. If I am in default, you may send me a written notice telling me that if I do not pay the overdue amount by a certain date, the entire unpaid balance will be due within 30 days after the date on which the notice is delivered or mailed to me.
3. Upon discharging this debt, you agree to notify each credit bureau to which you report credit information that any adverse credit information regarding my account with you is no longer verifiable and should be deleted from my credit report.
4. This agreement for debt settlement shall be binding upon the Creditor, Debtor, and their successors and assignees.
If you agree to the foregoing terms and conditions, please sign the Agreement and the enclosed copy in the places provided and return the documents to me at the address at the above header.
Accepted and Agreed by: ____________________________________________
Name: ____________________________ Date: ______________________
Title: ______________________________
Respectfully submitted and agreed,
________________________________________ Date: ______________________