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Free Sample Debt Settlement Letter

This sample letter is to negotiate a reduced payoff amount; in full, of a percentage of the balance. Modify the letter ('change 'Collection Agency' to the respective name of the collection agency, fill in amounts, date, etc). You will also need to modify this letter if you instead desire to offer a reduced monthly repayment plan versus a lump sum. Lump sum payoffs; however, have much more approval successes.

Your Name
Your Street Address
Your City, State Zip


Collection Agency Name
Street Address
City, State Zip

Re: Collection Account for Original Credit Account #_ _ _ _ _ _ _   Date: _ _ _ _

Amount Owed: $_ _ _ _ _ _

To: Whom It May Concern

I am experiencing financial troubles and I am making a payoff offer to you as well as to other creditors. I am willing to pay a total of $_ _ _ _ _ _ _ to have this account considered paid and for you to immediate delete this account from any and all credit reporting agencies (Equifax, Experian and TransUnion). The purpose of this settlement is merely to have this item removed from my credit files. It is not to be construed as an acknowledgment of liability for this debt in any form.

If you agree to the terms and accept this agreement, certified funds for the settlement amount of one hundred dollars ($100.00) will be sent to Collection Agency in exchange for full deletion of ALL references regarding this account from my credit files and full satisfaction of the debt. As certified funds will be used for payment, there shall be no waiting period regarding the deletion of this account from the credit reporting agencies.

Collection Agency agrees to delete ALL information regarding this account from the credit reporting agencies WITHIN TEN CALENDAR (10) DAYS following receipt of payment as specified above and will not discuss the terms of this settlement with anyone, excluding your client on this account. If contacted by any third party, including credit reporting agencies, Collection Agency will not acknowledge that any settlement offer was made, accepted or executed and will, in fact, deny knowledge of any such account.

If you agree to the above terms, please prepare a letter on your company letterhead explicitly agreeing to the same terms as the above settlement offer and have it signed by an authorized representative of Collection Agency. It will be implied that this letter shall constitute a legally binding contract, enforceable under the laws of my state.

Your response must be postmarked no later than 15 days from your receipt of this settlement offer or this offer will be withdrawn and I will request full validation of this alleged debt, as provided for by the Fair Debt Collection Practices Act.

Please address all correspondence regarding this account to me by U.S. mail.


Your Signature
Your Printed Name
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