Dear [Creditor's Name], I hope this letter finds you in good health. I am writing to discuss the possibility of reaching a compromise on the outstanding debt I owe to your respected institution. I understand the importance of fulfilling my financial obligations, but due to unforeseen circumstances, I have faced significant challenges in meeting my payments. Firstly, let me provide some background information. I am a resident of Middlesex, Massachusetts, and have been facing various financial hardships that have led to this unfortunate debt. Middlesex County, located in northeastern Massachusetts, is known for its rich history, diverse communities, and vibrant economy. Its prominent cities, including Lowell, Cambridge, and Waltham, are home to numerous industries, academic institutions, and small businesses. However, amidst these prosperous surroundings, I have been dealing with unexpected medical expenses, job loss, and other financial burdens that have impacted my ability to meet my financial obligations. I am sincerely committed to resolving this matter and restoring my financial stability, which is why I propose a compromise on the outstanding debt. I kindly request the consideration of a debt settlement arrangement that would enable me to repay a reduced portion of the total amount owed. Furthermore, I propose a compromise of [proposed settlement amount], which I believe is a fair and reasonable sum considering my current financial circumstances. Furthermore, I understand that this might not satisfy the full outstanding debt, but reaching a compromise will allow me to make meaningful progress in repaying my obligations. It will also prevent any further strain on my financial well-being, enabling me to work towards getting back on track. I assure you that this offer is made in good faith, and I am willing to cooperate fully with any necessary documentation or procedures to finalize this compromise. I kindly request your understanding and support in resolving this matter and mitigating the financial burdens I am currently facing. Furthermore, I hope that you will consider my unique situation and empathize with the financial challenges I have encountered. Your favorable response to this compromise proposal would alleviate a significant burden on my shoulders and allow me to move forward towards rebuilding my financial stability. I appreciate your attention to this matter and look forward to your prompt response. If you require any additional information or documentation, please do not hesitate to contact me at [Your Phone Number] or [Your Email Address]. Thank you for your understanding and cooperation. Sincerely, [Your Name]
Middlesex Massachusetts Sample Letter for Compromise on a Debt
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How to fill out Middlesex Massachusetts Sample Letter For Compromise On A Debt?
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FAQ
An offer of compromise can propose that the offeror will pay costs as agreed or assessed up to the time that the offer was made, but cannot otherwise be made on terms that deal with the costs of the proceedings.
Each year, the Internal Revenue Service (IRS) approves countless Offers in Compromise with taxpayers regarding their past-due tax payments. Basically, the IRS decreases the tax obligation debt owed by a taxpayer in exchange for a lump-sum settlement. The average Offer in Compromise the IRS approved in 2020 was $16,176.
How much interest am I going to pay if my offer in compromise is accepted? Interest will be added on the tax amount you owe until the offer is accepted. As of the date the offer is accepted no additional interest will be added to your tax debt or accepted offer amount.
OIC-DATC acceptance rates In general, IRS OIC acceptance rate is fairly low. In 2019, only 1 out of 3 were accepted by the IRS. In 2019, the IRS accepted 33% of all OICs.
In most cases, the IRS takes about six months to decide whether to accept or reject your offer in compromise.
An offer in compromise (OIC) is an agreement between a taxpayer and the Internal Revenue Service that settles a taxpayer's tax liabilities for less than the full amount owed. Taxpayers who can fully pay the liabilities through an installment agreement or other means, generally won't qualify for an OIC in most cases.
Other Important Documentation Required for an OIC Credit card statements. Mortgage payments. Bank statements. Car loan statements. Investment statements. Health care statements. Child care bills and receipts. Housing expenses (leases, rental records, etc)
To calculate the amount you can pay with an offer in compromise calculator, you subtract the value of your total assets from the total debts you owe. Next, you take the value of your total income per month and multiply it by the number of months you have in the statute of limitations.
How to Complete IRS Form 656 Offer in Compromise - YouTube YouTube Start of suggested clip End of suggested clip Answer the questions to get a correct answer out of the pre qualifier. Tool you will see here thatMoreAnswer the questions to get a correct answer out of the pre qualifier. Tool you will see here that the offering compromise does require one hundred and eighty six dollar application fee.
There are 2 basic Offer in Compromise formulas: On a 5-month repayment plan: (Available Monthly Income x 12) + Value of Personal Assets. On a 24-month repayment plan: (Available Monthly Income x 24) + Value of Personal Assets.
