Utah Sample Letter for Compromise on a Debt

• Category: Letters - Nonlegal - Collections
• State: Multi-State
• Control #: US-0163LR
• Format: Word; Rich Text

Description

This form is a sample letter in Word format covering the subject matter of the title of the form. [Your Name] [Your Address] [City, State, ZIP] [Date] [Name of Creditor] [Creditor's Address] [City, State, ZIP] Re: Compromise on Debt Account (#XXXIX) Dear [Creditor's Name], I hope this letter finds you in good health and high spirits. I am writing to discuss the possibility of reaching a compromise regarding my outstanding debt with [Creditor's Name]. Due to unforeseen circumstances, I am currently facing financial difficulties that have made it increasingly challenging to meet my financial obligations. As a resident of Utah, I am aware of the legal rights and options available for individuals seeking resolution for their debts. Utah, like many other states in the United States, recognizes the importance of providing individuals with an opportunity to negotiate and settle their debts through compromise agreements. I would like to explore the possibility of entering into a compromise arrangement to settle my debt with [Creditor's Name]. I am committed to resolving this issue in a fair and responsible manner, and I believe that reaching a mutually beneficial compromise would be in the best interest of both parties involved. To demonstrate my commitment, I am enclosing relevant financial documentation, including my most recent bank statements, pay stubs, and any other supporting documents. These records accurately depict my current financial situation, emphasizing the financial hardships I am currently facing. In light of my financial circumstances, I propose the following compromise terms: 1. Lump-Sum Settlement: I am willing to make a one-time payment of [Proposed Amount] as a final settlement of my debt. This amount represents a reasonable compromise, considering my current financial constraints. 2. Payment Plan: Alternatively, if a lump-sum payment is not feasible, I request the opportunity to establish a manageable payment plan. Based on my current income and expenses, I propose a monthly payment of [Proposed Monthly Amount] for a period of [Proposed Duration]. I believe that these proposed compromise terms are reasonable and reflect my sincere intention to fulfill my financial obligations to the best of my abilities. By accepting this proposition, [Creditor's Name] would receive a partial repayment promptly, avoiding the need for further legal actions or protracted collection efforts. I kindly request that you carefully review my proposal and contact me at your earliest convenience to discuss the options further. I am open to negotiation and willing to provide additional documentation or information as needed to facilitate a fair compromise. Thank you for your time and consideration. I look forward to resolving this matter efficiently and amicably. Please find enclosed the completed financial disclosure forms, as well as a self-addressed stamped envelope for your convenience. Sincerely, [Your Name]

[Your Name] [Your Address] [City, State, ZIP] [Date] [Name of Creditor] [Creditor's Address] [City, State, ZIP] Re: Compromise on Debt Account (#XXXIX) Dear [Creditor's Name], I hope this letter finds you in good health and high spirits. I am writing to discuss the possibility of reaching a compromise regarding my outstanding debt with [Creditor's Name]. Due to unforeseen circumstances, I am currently facing financial difficulties that have made it increasingly challenging to meet my financial obligations. As a resident of Utah, I am aware of the legal rights and options available for individuals seeking resolution for their debts. Utah, like many other states in the United States, recognizes the importance of providing individuals with an opportunity to negotiate and settle their debts through compromise agreements. I would like to explore the possibility of entering into a compromise arrangement to settle my debt with [Creditor's Name]. I am committed to resolving this issue in a fair and responsible manner, and I believe that reaching a mutually beneficial compromise would be in the best interest of both parties involved. To demonstrate my commitment, I am enclosing relevant financial documentation, including my most recent bank statements, pay stubs, and any other supporting documents. These records accurately depict my current financial situation, emphasizing the financial hardships I am currently facing. In light of my financial circumstances, I propose the following compromise terms: 1. Lump-Sum Settlement: I am willing to make a one-time payment of [Proposed Amount] as a final settlement of my debt. This amount represents a reasonable compromise, considering my current financial constraints. 2. Payment Plan: Alternatively, if a lump-sum payment is not feasible, I request the opportunity to establish a manageable payment plan. Based on my current income and expenses, I propose a monthly payment of [Proposed Monthly Amount] for a period of [Proposed Duration]. I believe that these proposed compromise terms are reasonable and reflect my sincere intention to fulfill my financial obligations to the best of my abilities. By accepting this proposition, [Creditor's Name] would receive a partial repayment promptly, avoiding the need for further legal actions or protracted collection efforts. I kindly request that you carefully review my proposal and contact me at your earliest convenience to discuss the options further. I am open to negotiation and willing to provide additional documentation or information as needed to facilitate a fair compromise. Thank you for your time and consideration. I look forward to resolving this matter efficiently and amicably. Please find enclosed the completed financial disclosure forms, as well as a self-addressed stamped envelope for your convenience. Sincerely, [Your Name]