A contract is usually discharged by performance of the terms of the agreement. However, the parties may agree to a different performance. This is called an accord. When the accord is performed, this is called an accord and satisfaction. The original obligation is discharged. The following form is a sample of a letter accompanying a check tendered in settlement of a claim that is in dispute.
Settlement Offer Letter from a Business Regarding a Disputed Account
Category:
State:
Multi-State
Control #:
US-01213BG
Format:
Word;
Rich Text
Instant download
Description Merchant Offer Reasons
How to fill out Merchandise Yours Indicating?
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Settle Indicating Compromise Form popularity
Offer Letter Form Other Form Names
Settlement Business Agreement
Reasons Dispute Enclosed
Vendor Dispute Bills
Enclosed Settle Settlement
Settlement Business Regarding
Offer Yours Compromise
Merchant Faulty Offer
Settle Enclosed Check FAQ
Original creditor and collection agent's company name. Date the letter was written. Your name. Your account number. Outstanding balance owed on the account (optional) Amount agreed to as settlement.
2714 Retain relevant documents. 2714 Decide whether (and when) to make offer. 2714 Evaluate the reasons for settling. 2714 Assess motivating factors to settle. 2714 Confirm client's ability to settle. 2714 List all covered parties. 2714 List all legal issues to be settled.
A study by the Center for Responsible Lending showed that on average debts are settled at 48% of the outstanding balance. But that balance increases 20 percent due to late fees and other charges the creditor might impose during negotiation.
Your debt settlement proposal letter must be formal and clearly state your intentions, as well as what you expect from your creditors. You should also include all the key information your creditor will need to locate your account on their system, which includes: Your full name used on the account. Your full address.
Dear Sir/Madam, I am currently having a loan account bearing the number __________ in your bank at ______ branch. The loan account shows the principal outstanding for Rs. __________ and interest overdue for Rs.
Dear Sir / Madam, This is to bring your kind notice that I ____________, have given resignation to my job on ________ and I have also cleared all the advances which I have taken during my tenure. So I am requesting you to please issue my full and final settlement amount.
The creditor and/or debt collectors name. The date the letter was drafted. Your name. Your account number.
Write a debt settlement letter to your creditor. Explain your current situation and how much you can pay. Also, provide them with a clear description of what you expect in return, such as removal of missed payments or the account shown as paid in full on your report.
