Wayne Michigan Sample Letter for Agreement to Compromise Debt

• Category: Letters - Nonlegal - Agreements
• State: Multi-State
• County: Wayne
• 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. Dear [Creditor's Name], I am writing to propose a compromise regarding the outstanding debt that I owe to [Creditor's Company]. I am presently residing in Wayne, Michigan, and I believe that reaching an agreement to settle this debt will be beneficial for both parties involved. [Explain the reasons for requesting a compromise and provide any necessary context regarding the debt, such as the amount owed, date of default, and any financial hardships that have contributed to the current situation]. As an individual residing in Wayne, Michigan, I understand the importance of meeting my financial obligations and maintaining good credit. However, I am currently facing unforeseen challenges that have made it difficult for me to repay the debt in full. I have carefully reviewed my financial situation and believe that a compromise is the most suitable solution that will allow me to fulfill my responsibilities while also addressing my current circumstances. I propose the following terms as a potential agreement to compromise the debt: 1. Lump-sum Settlement: I am prepared to offer a lump-sum payment of [X of the total debt] in full satisfaction of the outstanding balance. This payment will be made within [number of days] of our agreement being accepted. 2. Monthly Payment Plan: Alternatively, if it is not feasible for me to make a lump-sum payment, I request your consideration for a monthly payment plan. I propose to pay an affordable amount of [X dollars] per month until the debt is fully satisfied. I understand that this arrangement will require the creation of a formal agreement outlining the payment schedule, interest (if applicable), and any other terms and conditions that you may require. 3. Immediate Cessation of Collection Efforts: Upon acceptance of this compromise agreement, I kindly request that all collection activities, including but not limited to calls, emails, or letters from your company or any associated third-party collection agencies, cease immediately. This will enable me to focus on meeting the agreed-upon terms of the compromise. I sincerely hope that you will give due consideration to my proposal, taking into account my current financial situation and my commitment to resolving this debt. By entering into this compromise, it will not only allow me to regain control over my financial stability but also prevent any further hardships. If you find these terms acceptable, I kindly request that you provide a written confirmation, outlining the agreed-upon compromise, payment details, and acknowledgment of the cessation of collection efforts. Please send the agreement to my mailing address at [Your Address]. Thank you for your understanding and cooperation throughout this negotiation process. I believe that a mutually beneficial compromise will serve as an ideal resolution to the outstanding debt. Sincerely, [Your Name] [Your Address] [City, State, ZIP] [Phone Number] [Email Address]

Dear [Creditor's Name], I am writing to propose a compromise regarding the outstanding debt that I owe to [Creditor's Company]. I am presently residing in Wayne, Michigan, and I believe that reaching an agreement to settle this debt will be beneficial for both parties involved. [Explain the reasons for requesting a compromise and provide any necessary context regarding the debt, such as the amount owed, date of default, and any financial hardships that have contributed to the current situation]. As an individual residing in Wayne, Michigan, I understand the importance of meeting my financial obligations and maintaining good credit. However, I am currently facing unforeseen challenges that have made it difficult for me to repay the debt in full. I have carefully reviewed my financial situation and believe that a compromise is the most suitable solution that will allow me to fulfill my responsibilities while also addressing my current circumstances. I propose the following terms as a potential agreement to compromise the debt: 1. Lump-sum Settlement: I am prepared to offer a lump-sum payment of [X of the total debt] in full satisfaction of the outstanding balance. This payment will be made within [number of days] of our agreement being accepted. 2. Monthly Payment Plan: Alternatively, if it is not feasible for me to make a lump-sum payment, I request your consideration for a monthly payment plan. I propose to pay an affordable amount of [X dollars] per month until the debt is fully satisfied. I understand that this arrangement will require the creation of a formal agreement outlining the payment schedule, interest (if applicable), and any other terms and conditions that you may require. 3. Immediate Cessation of Collection Efforts: Upon acceptance of this compromise agreement, I kindly request that all collection activities, including but not limited to calls, emails, or letters from your company or any associated third-party collection agencies, cease immediately. This will enable me to focus on meeting the agreed-upon terms of the compromise. I sincerely hope that you will give due consideration to my proposal, taking into account my current financial situation and my commitment to resolving this debt. By entering into this compromise, it will not only allow me to regain control over my financial stability but also prevent any further hardships. If you find these terms acceptable, I kindly request that you provide a written confirmation, outlining the agreed-upon compromise, payment details, and acknowledgment of the cessation of collection efforts. Please send the agreement to my mailing address at [Your Address]. Thank you for your understanding and cooperation throughout this negotiation process. I believe that a mutually beneficial compromise will serve as an ideal resolution to the outstanding debt. Sincerely, [Your Name] [Your Address] [City, State, ZIP] [Phone Number] [Email Address]