Credit Card Protection
Letter Requesting Settlement
If they sign it and accept your check, then you have them on breach of contract
So often community members have asked for a letter example to accomplish some purpose. This then is a sample format I have written myself or obtained from others on my Forum. Feel free to copy, paste, and alter to fit your needs.
Here's a sample settlement agreement you can send a collection agency assuming they own your debt. If they sign it and accept your check, then you have them on breach of contract if they don't delete information from your credit file.
Suggested Settlement Letter
I, YOUR NAME HERE, will pay your company, CA NAME, the amount of $XX as full settlement of this account.
If you accept this agreement, I will send you a money order or certified cashiers check for the settlement amount of $XX in exchange for a full deletion of all references regarding this account from my credit profile and full satisfaction of the debt. This agreement is binding and will be void should you not hold up to your end of the agreement. Furthermore the debt will be deleted from my credit profile at all three credit bureaus or the bureaus your company regularly reports to in the course of doing business.
If you agree to the above, please acknowledge with your signature and return a copy to me. Upon receipt of this signed acknowledgment, I will promptly send you a money order or cashiers check in the amount stated above.
The alleged debtor, YOUR NAME HERE, does not admit liability for the claims made by COLLECTION AGENCY. The purpose of this settlement is merely to avoid the potential future costs of litigation. Both parties agree that this settlement for X% of the disputed debt shall be confidential and in no way an admission of liability or acknowledgment that the debt is valid.
Both parties agree that no future reporting or verification of the alleged debt shall be provided to any credit bureau.
Notice: This agreement is restricted. This is not a renewed promise to pay but rather a restricted settlement offer only. By not signing below, you agree that the debt has not been renewed nor have any concrete written agreements been exchanged.
Creditor's Authorized Signature: