I am now experiencing financial hardship due reduced income. To make a debt settlement agreement, you should identify your debt owner, negotiate a settlement, and formalize the agreement in writing with all details.When you are finished, you can print your completed form. Fill in your contact details, account number and any extra information you want to include in the grey shaded areas. Intheblanks form required for any matter originating and electronically filed in Supreme or Surrogate's Courts in Richmond County. This article provides a template for a debt settlement proposal letter and explains what a debt settlement letter should contain.