Make a counteroffer; or. You can use the following Cease and Desist letter to debt collectors as a template.REQUESTED NO.​​ I am disputing this debt because I do not owe it. Because I am disputing this debt, you should not report it to the credit reporting agencies. A wellwritten debt settlement letter is crucial to the debt negotiating process. If you reject a settlement offer, or fail to keep up with a payment arrangement, your creditor might take you to court. How to use this sample letter: 1. Read the background below. 2. Offers from debt collectors to settle your debt for less than you owe are very real. Some mailed offers are really good, and some can be negotiated lower.