Wayne Michigan Sample Letter for Compromise on a Debt

• Category: Letters - Nonlegal - Collections
• State: Multi-State
• County: Wayne
• 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. Wayne, Michigan Sample Letter for Compromise on a Debt: [Your Name] [Your Address] [City, State, ZIP] [Email Address] [Phone Number] [Date] [Creditor's Name] [Creditor's Address] [City, State, ZIP] Subject: Request for Compromise on Debt — Account #[Account Number] Dear [Creditor's Name], I hope this letter finds you in good health and high spirits. I am writing to discuss the outstanding debt I owe to [Creditor's Company]. As a resident of Wayne, Michigan, I understand my financial responsibility and the importance of promptly resolving my debts. I regret to inform you that due to unforeseen circumstances and financial difficulties, I am finding it increasingly difficult to meet my financial obligations. Despite my best efforts, my current financial situation has significantly impacted my ability to repay the outstanding debt in full. However, I am genuinely committed to resolving this issue and eager to establish a mutually beneficial arrangement that can alleviate the financial burden on both parties involved. I hereby propose a debt compromise, which I believe is a fair and reasonable solution given the circumstances. My proposal entails [briefly describe a reasonable compromise], which will help me clear a portion of my outstanding balance while ensuring a more manageable repayment plan. I understand that this proposal deviates from our original agreement, yet I hope we can find common ground and work together to reach a resolution that allows me to honor my financial commitments while avoiding further financial distress. To demonstrate my good faith in this matter, I have included a detailed financial statement outlining my current income, expenses, and a realistic budget that reflects my monthly capacity to repay the debt. I have also attached relevant supporting documents that substantiate my financial situation and verify my income. I kindly request that you review my proposed compromise and consider its merits. Your acceptance of this offer will greatly assist me in achieving financial stability and enable me to fulfill my obligations within a reasonable timeframe. I must emphasize that my financial situation inhibits me from making any lump-sum payments. Therefore, I kindly request that you consider accepting this compromise proposal and adjust the remaining outstanding balance accordingly. I am open to discussing any further terms or conditions that you may suggest expediting this process and ensure a satisfactory resolution for both parties. I believe that through open communication and understanding, we can find an amicable solution that respects my financial situation while considering your company's interests. Please note that I fully intend to honor my commitment to this proposed compromise as long as my circumstances do not worsen further. I assure you that any confirmed agreement will be met with unwavering dedication and prompt monthly payments. I kindly request your prompt response regarding this matter. Should you require any further information or wish to discuss this proposal further, please feel free to contact me at your convenience via the contact information provided at the beginning of this letter. Thank you for your time and consideration. Sincerely, [Your Name]

Wayne, Michigan Sample Letter for Compromise on a Debt: [Your Name] [Your Address] [City, State, ZIP] [Email Address] [Phone Number] [Date] [Creditor's Name] [Creditor's Address] [City, State, ZIP] Subject: Request for Compromise on Debt — Account #[Account Number] Dear [Creditor's Name], I hope this letter finds you in good health and high spirits. I am writing to discuss the outstanding debt I owe to [Creditor's Company]. As a resident of Wayne, Michigan, I understand my financial responsibility and the importance of promptly resolving my debts. I regret to inform you that due to unforeseen circumstances and financial difficulties, I am finding it increasingly difficult to meet my financial obligations. Despite my best efforts, my current financial situation has significantly impacted my ability to repay the outstanding debt in full. However, I am genuinely committed to resolving this issue and eager to establish a mutually beneficial arrangement that can alleviate the financial burden on both parties involved. I hereby propose a debt compromise, which I believe is a fair and reasonable solution given the circumstances. My proposal entails [briefly describe a reasonable compromise], which will help me clear a portion of my outstanding balance while ensuring a more manageable repayment plan. I understand that this proposal deviates from our original agreement, yet I hope we can find common ground and work together to reach a resolution that allows me to honor my financial commitments while avoiding further financial distress. To demonstrate my good faith in this matter, I have included a detailed financial statement outlining my current income, expenses, and a realistic budget that reflects my monthly capacity to repay the debt. I have also attached relevant supporting documents that substantiate my financial situation and verify my income. I kindly request that you review my proposed compromise and consider its merits. Your acceptance of this offer will greatly assist me in achieving financial stability and enable me to fulfill my obligations within a reasonable timeframe. I must emphasize that my financial situation inhibits me from making any lump-sum payments. Therefore, I kindly request that you consider accepting this compromise proposal and adjust the remaining outstanding balance accordingly. I am open to discussing any further terms or conditions that you may suggest expediting this process and ensure a satisfactory resolution for both parties. I believe that through open communication and understanding, we can find an amicable solution that respects my financial situation while considering your company's interests. Please note that I fully intend to honor my commitment to this proposed compromise as long as my circumstances do not worsen further. I assure you that any confirmed agreement will be met with unwavering dedication and prompt monthly payments. I kindly request your prompt response regarding this matter. Should you require any further information or wish to discuss this proposal further, please feel free to contact me at your convenience via the contact information provided at the beginning of this letter. Thank you for your time and consideration. Sincerely, [Your Name]