Alaska Sample Letter for Agreement to Compromise Debt

• Category: Letters - Nonlegal - Agreements
• State: Multi-State
• Control #: US-0051LR
• Format: Word; Rich Text

Description

This form is a sample letter in Word format covering the subject matter of the title of the form.

Dear [Creditor's Name], I am writing to propose a mutually beneficial agreement to compromise the outstanding debt owed to you. As a responsible debtor, I fully understand my obligation to repay the entire debt, but due to unforeseen circumstances, I find myself in a challenging financial situation. Firstly, I want to emphasize my commitment to resolving this debt and the importance of maintaining a positive relationship with you. Therefore, I am proposing a compromise agreement to settle the debt in a fair and reasonable manner, taking into consideration my current financial constraints. To facilitate this compromise, I would like to propose the following terms: 1. Total Debt Amount: The total outstanding debt currently amounts to [enter the exact amount of the debt]. I acknowledge my responsibility for this debt and genuinely wish to reach a mutually acceptable resolution. 2. Compromise Amount: I propose settling the debt by paying a compromised amount of [enter proposed compromised amount] in a lump sum payment. This proposed amount reflects my sincere willingness to resolve this matter promptly. 3. Mode and Schedule of Payment: Upon reaching an agreement, I commit to making the compromised payment within [enter the agreed timeframe] days from the date of our finalized agreement. Please let me know if you prefer a specific payment method, such as a certified check, money order, or bank transfer. 4. Full Debt Settlement: Upon receiving the compromised payment, I kindly request a written acknowledgment that this agreed-upon amount settles the debt in full. This confirmation is crucial for both parties to have clear records and avoid any future misunderstandings. 5. Cancellation of Remaining Debt: I respectfully request that, upon receipt of the compromised payment, any remaining debt balance be considered waived, and no further collection efforts or legal actions will be pursued. This mutually agreeable solution will help us avoid additional expenses and unnecessary legal proceedings. I understand that accepting this compromise is at your discretion. However, I believe this proposal demonstrates my sincerity and commitment to fulfill my obligations as good as my current financial situation allows. By reaching a compromise, both parties can find resolution without the burdensome constraints of a lengthy legal process. I genuinely hope you consider this offer favorably, as it allows us to resolve this matter efficiently and amicably. I kindly request a prompt response to discuss and finalize the terms of this agreement. Please feel free to contact me directly at [your contact information] to address any concerns or alternative proposals you may have. Thank you for considering my proposal. I remain hopeful that we can find a mutually satisfactory resolution that benefits both parties involved. Sincerely, [Your Name]