Phoenix Arizona Sample Letter for Agreement to Compromise Debt

• Category: Letters - Nonlegal - Agreements
• State: Multi-State
• City: Phoenix
• 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] [Debtor's Name] [Debtor's Address] [City, State, ZIP] Dear [Debtor's Name], RE: Agreement to Compromise Debt I hope this letter finds you well. The purpose of this correspondence is to discuss and propose an agreement to compromise the debt you owe to [Creditor's Name]. We understand that unforeseen circumstances or financial difficulties may have affected your ability to fulfill the agreed-upon payment terms. In light of these circumstances, we seek an amicable resolution that benefits both parties involved. [Creditor's Name] acknowledges that, as of [current date], you owe a total outstanding debt of $[debt amount]. However, we understand that you may be experiencing financial constraints, and we are willing to negotiate and find a reasonable compromise to ensure a fair resolution. We propose the following terms for the Agreement to Compromise Debt: 1. Debt Amount: — The new mutually agreed-upon settlement amount for the debt will be $[compromised amount]. 2. Payment Terms: — You may choose one of the following options: — Lump sum payment: Paying the compromised amount in full upon signing this agreement. — Installment plan: Paying the compromised amount in [total number of installments] equal monthly installments of $[installment amount]. 3. No Further Liability: — Upon the successful completion of the payment terms mentioned above, [Creditor's Name] will consider the debt fully and finally settled. — Once the agreed-upon payment is made, [Creditor's Name] will provide a written confirmation of the settlement, relieving you of any further financial obligations related to the debt. 4. Confidentiality: — Both parties agree to keep the details of this agreement strictly confidential and not disclose them to any third parties, except where required by law. Please be aware that this letter and the proposed agreement do not imply any acknowledgment of wrongdoing or culpability on either party's behalf. This is merely an effort to find a mutually beneficial resolution to the outstanding debt. We genuinely hope that the terms outlined in this letter provide you with some relief and pave the way for a fresh start. If you are agreeable to these terms, kindly sign and date this letter in the space provided below and return it to our office within [number of days] from the date of this letter. If you have any questions or would like to discuss these terms further, please contact our office at [phone number] or [email address]. We are committed to finding a resolution that works for both parties involved. Thank you for your attention to this matter. We look forward to bringing this issue to a satisfactory conclusion. Sincerely, [Your Name and Title] [Creditor's Name]

[Your Name] [Your Address] [City, State, ZIP] [Email Address] [Phone Number] [Date] [Debtor's Name] [Debtor's Address] [City, State, ZIP] Dear [Debtor's Name], RE: Agreement to Compromise Debt I hope this letter finds you well. The purpose of this correspondence is to discuss and propose an agreement to compromise the debt you owe to [Creditor's Name]. We understand that unforeseen circumstances or financial difficulties may have affected your ability to fulfill the agreed-upon payment terms. In light of these circumstances, we seek an amicable resolution that benefits both parties involved. [Creditor's Name] acknowledges that, as of [current date], you owe a total outstanding debt of $[debt amount]. However, we understand that you may be experiencing financial constraints, and we are willing to negotiate and find a reasonable compromise to ensure a fair resolution. We propose the following terms for the Agreement to Compromise Debt: 1. Debt Amount: — The new mutually agreed-upon settlement amount for the debt will be $[compromised amount]. 2. Payment Terms: — You may choose one of the following options: — Lump sum payment: Paying the compromised amount in full upon signing this agreement. — Installment plan: Paying the compromised amount in [total number of installments] equal monthly installments of $[installment amount]. 3. No Further Liability: — Upon the successful completion of the payment terms mentioned above, [Creditor's Name] will consider the debt fully and finally settled. — Once the agreed-upon payment is made, [Creditor's Name] will provide a written confirmation of the settlement, relieving you of any further financial obligations related to the debt. 4. Confidentiality: — Both parties agree to keep the details of this agreement strictly confidential and not disclose them to any third parties, except where required by law. Please be aware that this letter and the proposed agreement do not imply any acknowledgment of wrongdoing or culpability on either party's behalf. This is merely an effort to find a mutually beneficial resolution to the outstanding debt. We genuinely hope that the terms outlined in this letter provide you with some relief and pave the way for a fresh start. If you are agreeable to these terms, kindly sign and date this letter in the space provided below and return it to our office within [number of days] from the date of this letter. If you have any questions or would like to discuss these terms further, please contact our office at [phone number] or [email address]. We are committed to finding a resolution that works for both parties involved. Thank you for your attention to this matter. We look forward to bringing this issue to a satisfactory conclusion. Sincerely, [Your Name and Title] [Creditor's Name]