If your lender agrees to settle a debt for less than you owe, you'll need a written agreement of the terms. This Payoff Transmittal Letter serves as a formal request to close your loan account.A 10day payoff refers to the time it takes for your new lender to pay off your old loans during a refinance. This document will tell you the amount that you'll need to pay before your balance is resolved in full. Please download the appropriate form below and submit to: Payoff Department MS 7703 1305 Main Street This person must pass a credit check, and will be responsible with you for payment of your loan. 6. Complete the Self-certification Form. This is an example of a payoff letter used in a syndicated loan transaction. This payoff letter (including the defined terms such as Lenders,. Ignore temporary "teaser" rates, especially if you can't pay off your credit card charges in full each month.