June 22, 2007, Newsletter Issue #94: Partial Settlement Letters

Tip of the Week

Here are a few sample collection letters for accepting the debtor's offer:

(Your Letterhead)

(Address Element) (Date)

Account # __________________________

Balance Due: $_______________

Dear Mr. John Doe:
We have received your offer to settle this account by making a lump sum payment of $___________. We are willing to accept this amount provided that we receive the money no later than _____________. Otherwise, the balance due will revert to the full amount and additional charges may also apply. When your check clears, we will send you a final statement marked “Paid In Full.” Thank you.

Sincerely,
Creditor Company (or Name of Business)


(Your Letterhead)

(Address Element) (Date)

Account # ____________________________

Balance Due: $____________

Dear Mr. John Doe:
We are in receipt of your office to settle this account for $____________ not later than __________. You have offered a down payment of $_________ and monthly payments of $___________ until the settlement figure is reached. We are willing to accept the offer, provided that you meet your proposed payment schedule. Failure to do so will result in the balance due reverting to the full amount plus any applicable interest charges and/or late fees. When you have met the terms of this agreement, we will send you a final statement indicating that the balance has been paid in full. Thank you.

Sincerely,
Creditor Company (or Name of Business)

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