New Mexico 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 [Name], Subject: Agreement to Compromise Debt I hope this letter finds you in good health and high spirits. The purpose of this communication is to discuss the possibility of reaching an agreement to compromise the debt owed to [Company/Organization]. As you are aware, we have been diligently pursuing the repayment of the outstanding debt of [Amount] which has been due since [Date]. However, we understand that unforeseen circumstances can arise and sometimes make it difficult to meet financial obligations. Considering the unique circumstances and in an effort to find a mutually beneficial resolution, we propose a compromise on the debt owed. This debt compromise agreement is designed to assist both parties in resolving the matter amicably, avoiding further legal actions, and allowing the debtor to settle their obligations. We suggest the following terms for this compromise agreement: 1. Debt Amount: The total outstanding debt amount will be reduced to [Compromised Amount]. This allows for a reduction of [Amount Reduced] from the original debt. 2. Payment Terms: The debtor will make a payment towards the compromised debt as a lump sum payment or installments, following the terms outlined below: a. Lump Sum Payment: The debtor agrees to pay [Amount] as a one-time payment before/on [Due Date]. b. Installment Payments: The debtor agrees to pay the compromised debt in [Number of Payments] equal installments of [Amount] each, payable on a monthly basis, starting from [Date of First Payment]. 3. Legal Consequences: Upon successful completion of the agreed terms, [Company/Organization] agrees to mark the debt as fully satisfied and will not pursue any further legal action regarding the compromised debt. However, failure to comply with the terms of this agreement will result in resuming all legal rights and actions to recover the original debt amount. 4. Final Settlement: Both parties confirm that the acceptance of this compromised amount will serve as a final settlement for the outstanding debt. No additional claims or counterclaims related to the original debt will be pursued in the future. We kindly request your prompt consideration of this compromise proposal and your agreement to the outlined terms. If you have any concerns or need further clarification, please do not hesitate to contact us at the provided contact information below. Please review this agreement carefully, sign it, and return a copy to us no later than [Due Date]. Upon receipt of the fully executed agreement, we will proceed with the necessary updates to reflect the compromise. We value your commitment towards resolving this matter and look forward to reaching a fair compromise that benefits both parties involved. Thank you for your attention to this matter. Sincerely, [Your Name] [Your Title/Position] [Company/Organization] [Contact Information] Other types of New Mexico Sample Letters for Agreement to Compromise Debt: — New Mexico Sample Letter for Agreement to Compromise Debt in a Medical Setting: This particular type focuses on the medical debts owed by individuals in New Mexico and provides specific details relevant to the medical industry, such as past-due medical bills, health insurance coverage, and potential repayment options tailored for medical expenses. — New Mexico Sample Letter for Agreement to Compromise Student Loan Debt: This type of letter is specifically intended for individuals with student loan debt in New Mexico. It addresses the unique challenges faced by students and presents options to compromise the debt based on specific student loan repayment programs or agreements available in the state. — New Mexico Sample Letter for Agreement to Compromise Business Debt: This letter targets businesses or individuals facing financial difficulties related to business-related debts in New Mexico. It offers specific terms and considerations relevant to businesses, such as potential debt restructuring, negotiation of payment terms, and applicable laws and regulations impacting business debt compromises in the state.

Dear [Name], Subject: Agreement to Compromise Debt I hope this letter finds you in good health and high spirits. The purpose of this communication is to discuss the possibility of reaching an agreement to compromise the debt owed to [Company/Organization]. As you are aware, we have been diligently pursuing the repayment of the outstanding debt of [Amount] which has been due since [Date]. However, we understand that unforeseen circumstances can arise and sometimes make it difficult to meet financial obligations. Considering the unique circumstances and in an effort to find a mutually beneficial resolution, we propose a compromise on the debt owed. This debt compromise agreement is designed to assist both parties in resolving the matter amicably, avoiding further legal actions, and allowing the debtor to settle their obligations. We suggest the following terms for this compromise agreement: 1. Debt Amount: The total outstanding debt amount will be reduced to [Compromised Amount]. This allows for a reduction of [Amount Reduced] from the original debt. 2. Payment Terms: The debtor will make a payment towards the compromised debt as a lump sum payment or installments, following the terms outlined below: a. Lump Sum Payment: The debtor agrees to pay [Amount] as a one-time payment before/on [Due Date]. b. Installment Payments: The debtor agrees to pay the compromised debt in [Number of Payments] equal installments of [Amount] each, payable on a monthly basis, starting from [Date of First Payment]. 3. Legal Consequences: Upon successful completion of the agreed terms, [Company/Organization] agrees to mark the debt as fully satisfied and will not pursue any further legal action regarding the compromised debt. However, failure to comply with the terms of this agreement will result in resuming all legal rights and actions to recover the original debt amount. 4. Final Settlement: Both parties confirm that the acceptance of this compromised amount will serve as a final settlement for the outstanding debt. No additional claims or counterclaims related to the original debt will be pursued in the future. We kindly request your prompt consideration of this compromise proposal and your agreement to the outlined terms. If you have any concerns or need further clarification, please do not hesitate to contact us at the provided contact information below. Please review this agreement carefully, sign it, and return a copy to us no later than [Due Date]. Upon receipt of the fully executed agreement, we will proceed with the necessary updates to reflect the compromise. We value your commitment towards resolving this matter and look forward to reaching a fair compromise that benefits both parties involved. Thank you for your attention to this matter. Sincerely, [Your Name] [Your Title/Position] [Company/Organization] [Contact Information] Other types of New Mexico Sample Letters for Agreement to Compromise Debt: — New Mexico Sample Letter for Agreement to Compromise Debt in a Medical Setting: This particular type focuses on the medical debts owed by individuals in New Mexico and provides specific details relevant to the medical industry, such as past-due medical bills, health insurance coverage, and potential repayment options tailored for medical expenses. — New Mexico Sample Letter for Agreement to Compromise Student Loan Debt: This type of letter is specifically intended for individuals with student loan debt in New Mexico. It addresses the unique challenges faced by students and presents options to compromise the debt based on specific student loan repayment programs or agreements available in the state. — New Mexico Sample Letter for Agreement to Compromise Business Debt: This letter targets businesses or individuals facing financial difficulties related to business-related debts in New Mexico. It offers specific terms and considerations relevant to businesses, such as potential debt restructuring, negotiation of payment terms, and applicable laws and regulations impacting business debt compromises in the state.