Letter of Agreement to settle debts
Your Company's Name
Address
Your Home Address:
Date:
Dear Sir/Madam
RE: your account number
In response to the recent correspondence, I am now ready with the complete assessment
of my current financial circumstances.
I enclose a copy of my statement of the monetary sources, which provides details
of my/household monthly income, along with the outgoing debt repayment amount.
I also enclose a list of my other creditors, along with their repayment proposals,
which have been calculated on the basis of my financial position. I am experiencing
difficulties because my debts are growing beyond limits with high interest rates.
I find it very difficult to meet ends at the end of the month. My moderate income
does not permit me to pay my debts regularly after meeting the household expenses.
I hope that you will take this into consideration when considering my proposals.
The final amount we mutually agreed upon is $.......... I also request you to
take into consideration the fact that we also agreed that all my interest rates,
late fees or any reference to them are to be eliminated from my credit report.
Kindly refrain yourself from taking any further action against me as payments
will be maintained as decided in the agreement.
These payments represent a proportional distribution of my available income
and expenses and this I hope should provide the base for a solution to my debt
problems. I will review my position on a regular basis and inform you of any
changes in my circumstances, be it for the better or for the worst.
I hope that you will agree to my proposals and help me during this time of financial
crisis. I look forward to receiving written confirmation from you as soon as
possible.
Thanking you in anticipation.
Yours faithfully,
Your signature
Your name
