ContractCentral.com » Credit & Collection » Debtor Debt Settlement Letter

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Includes instructions, free checklist. Supported file types: Word, Works, PDF, RTF. Compatible with Mac, Windows, and Linux.

Debtor Debt Settlement Letter

Use this debtor debt settlement letter to settle a debt. An offer of a 100% payout of the reduced sum can often result in big savings for the debtor as well as extinguishing a nasty dispute. The challenge is to avoid being trapped by sending in money in settlement that the debtor then claims is only for balance reduction. The way to avoid this is to require a clear settlement offer from the creditor prior to tendering the money.

Debt reduction negotiations depend largely, as in most negotiations, on how strong the other side’s hand is. If they have good security, you cannot do much but you usually can do 10% to 20%. If they have no security, and are concerned about you as a credit risk, they may be willing to take a discount of 25% to 50%, or more.

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