By including a per diem amount in the letter, the parties will not have to execute another payoff letter if the termination date. What is a Payoff Agreement?A payoff agreement is an informal contract in which a creditor agrees to accept the balance of a debt owed as full payment. Please include a per diem amount in the statement. Please email this information to as soon as possible. The title company asked us for a payoff demand. They requested that we use their payoff statement since we held the note as trustees of our living trust. The Payoff Amount and Per Diem Amount quoted herein are effective through December 31, 2020.