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Pros of writing a debt settlement letter While settling is never a guarantee, it may put you in a better financial position. If your request is accepted, debt settlement amounts settle on average for about 48% of the total balance, ing to a 2017 Fair Credit Counsel report.

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.

What should I include in my offer to settle a debt? Your name and address. The original holder of your debt and the account number. 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.

Every debt settlement agreement must contain the following: The original creditor and debt collector's company name; Your full name; Your account number; The full balance that is owed; The settlement amount that was agreed upon;

What Are the Cons of Using Accredited Debt Relief? Your credit score is likely to drop if you use any debt settlement service, and there's no guarantee that your creditors won't sue you or turn you over to a collection agency when you stop making payments toward what you owe.

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.