Use this paid in full letter to make a record to debt collectors after you've paid them the agreed upon amount. Use this letter to help you negotiate a full and final settlement offer with your lender.If your lender agrees to settle a debt for less than you owe, you'll need a written agreement of the terms. This will serve as a final payoff letter to close the loan account. Create a Loan Payoff Letter online and download it as a PDF or Word document. Customize and print a blank Loan Payoff Letter for free.