[Your Name] [Your Address] [City, State, ZIP] [Email Address] [Phone Number] [Date] [Recipient's Name] [Recipient's Address] [City, State, ZIP] Subject: Agreement to Compromise Debt — [Account/Loan Number] Dear [Recipient's Name], I hope this letter finds you well. I am writing to propose a compromise of the outstanding debt owed by me to [Creditor's Name]. I am a resident of Rhode Island, and I am seeking your cooperation in resolving this matter amicably. First and foremost, I would like to express my willingness to settle the debt in the most mutually beneficial way possible. Based on my current financial situation, I regretfully acknowledge that I am unable to fulfill the original repayment terms outlined in the loan agreement. I would like to propose that we enter into an Agreement to Compromise Debt, whereby we can find a reasonable and fair settlement that allows me to make a lump-sum payment or arrange a payment plan that is suitable for both parties. By reaching such an agreement, it will help alleviate the financial burden I am facing and allow me to work towards resolving my debts responsibly. As a means of providing transparent and open communication, I am attaching relevant financial documentation, including my current income statements, bank statements, and any other supporting documents that may further substantiate my financial situation. I believe this information will assist you in evaluating my ability to fulfill the terms of the proposed agreement. I propose a compromise amount of [Proposed Settlement Amount], which is a substantial reduction from the total outstanding debt. Furthermore, I kindly request your thoughtful consideration of this offer, taking into account the financial hardships I am currently facing. In the spirit of fostering trust and good faith, I propose the following terms for the Agreement to Compromise Debt: 1. Proposed Settlement Amount: [Proposed Settlement Amount] 2. Payment Method: [Specify if lump-sum payment or monthly installments] 3. Payment Schedule: [Specify the proposed dates and amounts, if applicable] 4. Release of Liability: Upon receipt of the settlement amount, all parties involved will be released from any further obligations, claims, or liability regarding the outstanding debt. 5. Confidentiality: Both parties agree to maintain the confidentiality of this settlement agreement and avoid disclosing any information relating to it, except as required by law. Please review this proposal and notify me within [set a specific time period, e.g., 14 days] of your decision and any counteroffer you may wish to propose. I firmly believe that accepting this compromise will be beneficial to both parties involved and will help avoid further legal complications, expenses, and delays. I appreciate your understanding and cooperation in working towards a mutually agreeable resolution. Should you have any questions or require further information, please do not hesitate to contact me at your earliest convenience. Thank you for your time and consideration. I look forward to your response. Sincerely, [Your Name]
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.