West Virginia 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 Code] [Email Address] [Phone Number] [Date] [Recipient's Name] [Recipient's Designation] [Name of Creditor] [Creditor's Address] [City, State, ZIP Code] Subject: Re: Request for Compromise on Outstanding Debt Dear [Recipient's Name], I hope this letter finds you well. I am writing to discuss a matter regarding a debt that I owe to [Name of Creditor]. I have been facing financial hardships, and I have been struggling to meet my financial obligations. However, I am committed to addressing this debt and fulfilling my responsibility as a debtor. First and foremost, I would like to acknowledge that I genuinely intend to honor my commitment to repay my debts. However, due to unforeseen circumstances, my financial situation has worsened significantly. [Briefly explain the circumstances that led to the financial hardship, such as job loss, medical expenses, or personal emergencies]. I am aware that defaulting on my debt may result in legal action, credit damage, and additional financial burdens. In an effort to resolve this matter amicably for both parties involved, I am requesting your consideration for a compromise on the outstanding debt. After careful evaluation of my current financial situation, I propose a realistic repayment plan or a reduced lump sum settlement, whichever option you find more suitable. While I understand that this may result in a loss for [Name of Creditor], I believe a compromise will provide me with the opportunity to repay my debt without causing further financial distress. Moreover, it would allow [Name of Creditor] to recover a significant portion of the outstanding amount promptly. To assist you in assessing my financial circumstances, I have enclosed the following documents: 1. A detailed breakdown of my monthly income and expenses. 2. Proof of my current financial status, such as pay stubs, bank statements, or tax returns. 3. Relevant supporting documents explaining the financial hardship incurred. I humbly request that you take these documents into consideration when evaluating my proposal for a compromise on the debt. Additionally, I am open to any negotiation or amendments proposed by [Name of Creditor] to reach a mutually beneficial agreement. Please note that I am committed to adhering to the agreed-upon terms promptly, ensuring a timely resolution for both parties. In case you deem it necessary, I am also open to discussing this matter further through a phone call or an in-person meeting. I genuinely appreciate your attention to this matter and your time in reviewing my proposal. I am hopeful that we can arrive at a compromise that supports my commitment to repayment while considering the unavoidable financial constraints I am currently facing. Thank you for your understanding and consideration. I eagerly await your response. Sincerely, [Your Name]

[Your Name] [Your Address] [City, State, ZIP Code] [Email Address] [Phone Number] [Date] [Recipient's Name] [Recipient's Designation] [Name of Creditor] [Creditor's Address] [City, State, ZIP Code] Subject: Re: Request for Compromise on Outstanding Debt Dear [Recipient's Name], I hope this letter finds you well. I am writing to discuss a matter regarding a debt that I owe to [Name of Creditor]. I have been facing financial hardships, and I have been struggling to meet my financial obligations. However, I am committed to addressing this debt and fulfilling my responsibility as a debtor. First and foremost, I would like to acknowledge that I genuinely intend to honor my commitment to repay my debts. However, due to unforeseen circumstances, my financial situation has worsened significantly. [Briefly explain the circumstances that led to the financial hardship, such as job loss, medical expenses, or personal emergencies]. I am aware that defaulting on my debt may result in legal action, credit damage, and additional financial burdens. In an effort to resolve this matter amicably for both parties involved, I am requesting your consideration for a compromise on the outstanding debt. After careful evaluation of my current financial situation, I propose a realistic repayment plan or a reduced lump sum settlement, whichever option you find more suitable. While I understand that this may result in a loss for [Name of Creditor], I believe a compromise will provide me with the opportunity to repay my debt without causing further financial distress. Moreover, it would allow [Name of Creditor] to recover a significant portion of the outstanding amount promptly. To assist you in assessing my financial circumstances, I have enclosed the following documents: 1. A detailed breakdown of my monthly income and expenses. 2. Proof of my current financial status, such as pay stubs, bank statements, or tax returns. 3. Relevant supporting documents explaining the financial hardship incurred. I humbly request that you take these documents into consideration when evaluating my proposal for a compromise on the debt. Additionally, I am open to any negotiation or amendments proposed by [Name of Creditor] to reach a mutually beneficial agreement. Please note that I am committed to adhering to the agreed-upon terms promptly, ensuring a timely resolution for both parties. In case you deem it necessary, I am also open to discussing this matter further through a phone call or an in-person meeting. I genuinely appreciate your attention to this matter and your time in reviewing my proposal. I am hopeful that we can arrive at a compromise that supports my commitment to repayment while considering the unavoidable financial constraints I am currently facing. Thank you for your understanding and consideration. I eagerly await your response. Sincerely, [Your Name]