You are getting calls from a debt collector demanding payment of your debt. The problem is that you know you owe the debt, but you cannot afford to pay the amount that the debt collector is demanding from you.
So, if because of your financial situation, you are unable to pay debt collectors the amount being demanded, then you should offer them a payment agreement that specifically meets your needs. Remember that they have to work with you if they ever want to get any payment from you. You can use the sample letter below. Go ahead and copy the letter and paste it in your favorite word processor or text editor. Tweak it so that it fits your exact situation.
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Today’s Date
Your Name
Street Address
City, State, Zip
Attention: {name of collector}
Name of Debt Collector or Collection Agency
Agency Address
City, State, Zip
RE: Your {letter dated} or {phone call on date} reference account #: {place account or reference number here}
Dear Mr. /Ms. {Collector’s Name}
According to my records and your {phone call or letter} the balance of this debt is $_____. I am not disputing this debt; however, my current financial situation prohibits me from paying the amount you are demanding. I am able to make payments on this account every {insert date of month} to your company in the amount of $ _________.
I would appreciate a call from you confirming your acceptance of my payment terms. However, if I do not hear from you, I will consider your cashing or depositing my check as confirmation that you accept my payment terms. If you do not accept my terms then I expect the enclosed payment to be returned to me immediately in the enclosed self-addressed stamped envelop.
As a show of good faith I have enclosed my first payment in the amount of $________. If my financial situation improves enough for me to increase my payment amount I will contact you immediately. Thank you for understanding.
Regards,
Your Signature just above your printed name
Your Printed Name
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NOTE** Please make sure you send this Debt Payment Agreement letter using “return receipt request or registered mail”. Make sure you also keep a copy of the letter for your own records.
Posted under credit repair, debt collectors, debt consolidation, fix bad debt, sample credit repair letters
This post was written by fixbadcredit
