Make Legal Colorado Debt Settlement Agreement Forms For Free

Contents of a Debt Settlement Agreement Date of the agreement. Name and address of the creditor. Name and address of the debtor. Original loan amount and its date. Rate of interest. Due date of the loan. Final settlement amount. Signatures of both parties.

Your debt settlement proposal letter must be formal and clearly state your intentions, as well as what you expect from your creditors. You should also include all the key information your creditor will need to locate your account on their system, which includes: Your full name used on the account. Your full address.

State when, how often, and where the debtor will make payments. Outlining the payment schedule and method helps to ensure that the parties agree on how and when the debtor should repay the debt. The repayment term for the debt will be (Insert Number) months, beginning on (Insert Date).

An individual voluntary arrangement (IVA) is a formal and legally binding agreement between you and your creditors to pay back your debts over a period of time.

You can hire a debt settlement company who will negotiate with your creditor for a fee, or you can cut out the middleman and do it yourself. Debt settlement is commonly used when the borrower can no longer afford the high interest on credit card debt, coupled with the amount owed.

Critical details include: 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. A request to report the account paid to all credit reporting bureaus.