West Virginia 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.

[Your Name] [Your Address] [City, State, ZIP] [Email Address] [Phone Number] [Date] [Name of Creditor] [Address] [City, State, ZIP] Subject: Agreement to Compromise Debt Dear [Creditor's Name], I am writing this letter to address the outstanding debt that I owe to your esteemed organization. I hope to reach a mutually acceptable resolution through this agreement to compromise the debt owed. I want to highlight that I have deep respect for the services your organization provides and acknowledge my responsibility in fulfilling my financial obligations. However, due to unforeseen circumstances and financial hardships, I am unable to meet the original terms of the debt repayment. I propose a compromise agreement wherein we can adjust the debt owed to an amount that is more feasible for me to repay based on my current financial situation. This will not only enable me to fulfill my obligations but will also work favorably for your organization as an alternative to prolonged debt recovery processes. After carefully assessing my financial situation, I propose a compromise amount of [proposed amount] to settle the outstanding debt. This amount represents a significant portion of the original debt value and reflects my commitment to honor my responsibilities. Although I understand that this may not fully satisfy the outstanding amount, I request your understanding and acceptance of this proposed compromise. In consideration of this proposal, I request the following terms to be incorporated into the agreement: 1. Payment Method: I propose making the payment in [number of installments] installments, with the initial payment to be made on [date]. I will pay subsequent installments on the [day of each month] until the total agreed amount is paid in full. 2. Interest and Fees: I kindly request that any accrued interest and late fees associated with the outstanding debt be waived or minimized to help facilitate the resolution process. 3. Full and Final Settlement: Upon successful completion of the agreed-upon payments, I kindly request a written confirmation of full and final settlement of the debt, ensuring that no further collection attempts will be made on this compromised amount. I appreciate your willingness to consider this proposal, and I am open to any modifications or adjustments necessary to reach a fair compromise. Kindly respond to this letter with your acceptance or any suggested modifications to the proposed agreement within [number of days]. If we can promptly agree on the terms, I will ensure that the first payment is made accordingly. Please be aware that my current financial situation makes it impossible for me to fulfill the original debt amount without severe hardships. Therefore, I kindly request your understanding and cooperation as we work towards resolving this matter amicably. I look forward to your favorable response and appreciate your cooperation in helping me overcome this financial challenge. Thank you for your attention to this matter. Sincerely, [Your Name]