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Sample Compromise Agreement For Payment Of Debt

(name of creditor/collection office) and (name of debtor) agree to compromise the amount of the debt under the following conditions: This checklist is available to inform you of this document and assist you in the preparation. Try this document before sending money to a creditor. A creditor is well advised to put this document into force before entering into an agreement. CREDITOR here,100 accepts to compromise the maturity of the CREDITOR debt on the following terms: If the original creditor is a large bank, then you can make a small exception to this rule. Large credit card issuers will say they send a contract after receiving a payment. If they do not stop with this directive, you will open a new current account with your bank or credit union. If you have structured compensation, place the first payment on this special account. Allow the original lender to withdraw from the new account. If the original creditor sends you a settlement agreement, you will continue the account as agreed. If they do not send you a letter, contact your attorney general`s office, the FTC, and a lawyer in your state who has experience in consumer law. This debt settlement agreement (the ”contract”) specifies the terms of the contractual agreement between [COMPANY] and the place of [ADDRESS] (the ”debtor”) and [COMPANY] with its main place of activity [ADDRESS] (the ”creditor”) which agrees to be bound by this agreement. If you think it is necessary to send a letter to the collection company or original creditors after a successful telephone negotiation, use the following standard letter to an original debt collector or creditor as a guide.

This is optional because you really want the collection agent or original creditor to send you a billing letter on the header. The cliché ”Get it in writing” applies to colonization letters. You must see eight terms and conditions in a billing letter, including the amount you promise to pay and when it is due. Avoid villages that are vague or contain ambiguous terms. Some original creditors will insist that you send a payment before sending you a comparison letter. CONSIDERING that the debtor is liable to the creditor for an amount equal to [AMOUNT DEBT DOLLAR] dollar (the ”debt”) (the ”debt”); and SETTLEMENT AMOUNT. The creditor undertakes to accept by the debtor the amount of the payment of [WRITTEN SETTLEMENT DOLLAR AMOUNT] dollar ([NUMERIC DOLLAR AMOUNT]) as a full repayment of unpaid debts to the creditor on the date of this agreement, subject to the terms of this agreement.

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