This letter is in reference to the account number identified above and its outstanding debt. This program will help you write a letter that formally requests the money you are owed.This is called a Demand Letter. To make a debt settlement agreement, you should identify your debt owner, negotiate a settlement, and formalize the agreement in writing with all details. If your lender agrees to settle a debt for less than you owe, you'll need a written agreement of the terms. Offering San Jose debt settlement and relief . Call for your attorney negotiated debt settlement free consultations at our San Jose law offices. This letter should explain how much you're offering toward the debt and why you can't afford to pay in full. Here are some tips for filling out the letter of agreement for payment of debt. File the final income tax returns of a deceased person for current and prior years, pay any balance due and claim the refund.