Items To Mention In A Debt Settlement Letter

By Author: J.J. Yong
Total Articles: 963
Comment this article

If you are considering writing a debt settlement letter to your creditors so that you can reduce a fair share of your debt, then there are points that you must include in your letter so they will take you seriously and give your letter the consideration it needs. The key points you need to include when writing this letter is as follows:

1. Who are you?

You must clearly state your name, phone number and address so that they can get back to you. You will also need to put in your account details, your current interest rates and your outstanding balances.

2. What is wrong with you?

Be informative at this point; tell them what got you into this mess and why you are having difficulty paying. It might make no difference to them why you cannot pay, but it will ultimately affect their decision as they will take into consideration your reasons before ruling for or against you.

3. What do you want to do about it?

Tell them what your idea is on how you can repay your debt. Mention how much you can afford to pay them and when. Be serious and use words that are stern but not threatening or rude. They ...
... goal is for them to agree with you and not to disagree.

4. What are your terms?

To settle your debt, of course you have thought of an amount of which you can afford and easily pay. Stick to the amount and never go any higher than what you can afford. If they agree with you, ask them to draw up an official letter that says exactly what you have discussed so that you are protected from any future legal actions.

Definitely trying to get your debt settled on your own will take more effort and time then if you enlisted professional help. But, by doing it on your own, you gain the necessary experience and perhaps you can coach friends and family when they face a similar problem.
For more information about writing debt settlement letter, visit DebtSettlementLetterTips.com.