Illinois Sample Letter for Attempt to Collect Debt before Acceleration

• Category: Letters - Legal - Collections
• State: Multi-State
• Control #: US-0724LTR
• Format: Word; Rich Text

Description

Sample Letter for Attempt to Collect Debt before Acceleration Dear [Debtor's Name], RE: NOTICE OF ATTEMPT TO COLLECT DEBT BEFORE ACCELERATION Account Number: [Account Number] Original Creditor: [Original Creditor Name] Outstanding Balance: [$ Amount] Date of Delinquency: [Delinquency Date] This letter serves as a formal notice regarding the outstanding debt mentioned above and is being sent to you in compliance with the Fair Debt Collection Practices Act (FD CPA) as well as relevant Illinois state regulations. The purpose of this letter is to inform you about the current due amount and explore the possibility of resolving this matter before any acceleration or legal action is taken. We understand that circumstances may arise, leading to temporary financial difficulties. Our intention is to provide you with the opportunity to amicably resolve this debt and prevent any further complications. Our records indicate that the above-mentioned account has remained unpaid for a considerable period, resulting in ongoing interest accrual and potential negative consequences. It is important for you to take immediate action in addressing this matter. By doing so, you can prevent the need for legal proceedings, additional costs, or potential effects on your credit score. We strongly encourage you to consider one of the following options: 1. Full Payment: Submit the full outstanding balance of [Amount] by [Due Date]. This will successfully resolve the debt, and no further action will be pursued. 2. Installment Agreement: If you are unable to pay the full amount at once, you may propose a reasonable installment plan. Please provide your proposed payment plan, including the amount and frequency of payments, starting from [Start Date]. Upon reviewing your proposal, we will notify you if it meets our criteria. 3. Settlement Offer: If you are experiencing financial hardship or believe that an alternative arrangement would be appropriate, you may submit a settlement offer. Please specify the proposed amount as well as any supporting documentation that justifies your proposal. To ensure that your intentions and arrangements are considered promptly, we request that you respond to this letter within [X] days from the date of receipt. Please include your response in writing and send it to the address mentioned below. [Your Company Name] [Your Company Address] [City, State, ZIP Code] [Phone Number] [Email Address] We strongly advise that you save copies of all correspondence and records related to this matter. Additionally, please refrain from making any further payments or responding directly to the original creditor. Our company has been authorized to handle this debt and will exclusively manage your account moving forward. Failure to respond to this notice within the specified timeframe may result in the acceleration of the outstanding balance and the initiation of legal proceedings. Moreover, please note that any information obtained may be used for the purpose of collecting the debt. If you would like to discuss this matter or require any clarification, please do not hesitate to contact our office during our business hours. We are committed to assisting you in resolving this debt and reaching an agreement that benefits both parties. Thank you for your prompt attention to this matter. Yours sincerely, [Your Name] [Your Title] [Your Company Name]

Dear [Debtor's Name], RE: NOTICE OF ATTEMPT TO COLLECT DEBT BEFORE ACCELERATION Account Number: [Account Number] Original Creditor: [Original Creditor Name] Outstanding Balance: [$ Amount] Date of Delinquency: [Delinquency Date] This letter serves as a formal notice regarding the outstanding debt mentioned above and is being sent to you in compliance with the Fair Debt Collection Practices Act (FD CPA) as well as relevant Illinois state regulations. The purpose of this letter is to inform you about the current due amount and explore the possibility of resolving this matter before any acceleration or legal action is taken. We understand that circumstances may arise, leading to temporary financial difficulties. Our intention is to provide you with the opportunity to amicably resolve this debt and prevent any further complications. Our records indicate that the above-mentioned account has remained unpaid for a considerable period, resulting in ongoing interest accrual and potential negative consequences. It is important for you to take immediate action in addressing this matter. By doing so, you can prevent the need for legal proceedings, additional costs, or potential effects on your credit score. We strongly encourage you to consider one of the following options: 1. Full Payment: Submit the full outstanding balance of [Amount] by [Due Date]. This will successfully resolve the debt, and no further action will be pursued. 2. Installment Agreement: If you are unable to pay the full amount at once, you may propose a reasonable installment plan. Please provide your proposed payment plan, including the amount and frequency of payments, starting from [Start Date]. Upon reviewing your proposal, we will notify you if it meets our criteria. 3. Settlement Offer: If you are experiencing financial hardship or believe that an alternative arrangement would be appropriate, you may submit a settlement offer. Please specify the proposed amount as well as any supporting documentation that justifies your proposal. To ensure that your intentions and arrangements are considered promptly, we request that you respond to this letter within [X] days from the date of receipt. Please include your response in writing and send it to the address mentioned below. [Your Company Name] [Your Company Address] [City, State, ZIP Code] [Phone Number] [Email Address] We strongly advise that you save copies of all correspondence and records related to this matter. Additionally, please refrain from making any further payments or responding directly to the original creditor. Our company has been authorized to handle this debt and will exclusively manage your account moving forward. Failure to respond to this notice within the specified timeframe may result in the acceleration of the outstanding balance and the initiation of legal proceedings. Moreover, please note that any information obtained may be used for the purpose of collecting the debt. If you would like to discuss this matter or require any clarification, please do not hesitate to contact our office during our business hours. We are committed to assisting you in resolving this debt and reaching an agreement that benefits both parties. Thank you for your prompt attention to this matter. Yours sincerely, [Your Name] [Your Title] [Your Company Name]