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The current value of your debt. The name of the debt collection agency and their identifying information. The amount you want to settle the debt for. A request to report the account paid to all credit reporting bureaus.

Writing the Settlement Offer Letter Include your personal contact information, full name, mailing address, and account number. Specify the amount that you can pay, as well as what you expect from the creditor in return. A good starting point for negotiation could be offering around 30% of the amount that you owe.

A debt agreement is a legal contract between a debtor and a creditor to settle outstanding debt. These agreements are used when the debtor cannot pay the full amount of debt and is facing bankruptcy. In a debt agreement, the creditor allows a debtor to negotiate down the total debt owed.

For example, it must include each creditor's name, the total amount you owe each creditor, and the interest rate each creditor is charging you. Finally, the agreement must say whether they will offer your creditors an instalment plan or a single payment plan. Make sure you understand your agreement before you sign it.

Most obligations settle between 30%-50% of the original value. If the debt collection agency is unwilling to accept any settlement, you may negotiate a payment plan with them. Payment plans can keep you out of court, and you won't need to fork over a large amount of cash at once.

Include your personal contact information, full name, mailing address, and account number. Specify the amount that you can pay, as well as what you expect from the creditor in return. A good starting point for negotiation could be offering around 30% of the amount that you owe.