– they will keep the creditor free from any act or claim related to the contract concluded between the debtor and the buyer. Once the payment has been made, no further action is taken by you to collect the alleged debt. I will make the payment with a cashier`s cheque within five days of signing this agreement. I understand that if the payment is not made in accordance with the agreed period, this agreement is void and not void and that the total amount I owe is due. Once I have made the agreed payment, you will erase any negative information contained in my credit information and do not put negative information about this debt in my credit information in the future. Please sign the attached copy of this letter on the debt settlement agreement and send it back to me. Thank you for your kind consideration on this matter. If you have any questions, you can reach me at the phone number or email address. The best way to reduce the amount they have to pay is to send a debt settlement contract to their creditors. The letter must clearly state the difficulties that led the debtor to be unable to repay his debts. Location: ______ Both parties declare that they are fully entitled to enter into this agreement. The performance and obligations of either party do not violate or violate the rights of third parties or violate any other agreement between the parties, individually and any other person, entity or company, or against the law or regulation of the State.
When writing the letter, the borrower must remember that the creditor has the right to agree or refuse a reduction of the debt and accept a lower amount. Most creditors are happy to get a payment instead of not paying. There are several legitimate difficulties in falling behind in the payment of the debt, including: in such a situation, the debtor can also reach a transaction by negotiating the amount to be paid. Make sure the negotiable amount is in line with both parties, while other creditors may not approve the contract letter. In the debt payment contract, make sure that the debtor must have a written copy of all the payment details to be made to avoid any form of controversy in the future. – the first instalment of ______ [amount and currency] to be paid on or before ____ [date of payment]; Consequently, the parties have decided to conclude the debt repayment agreement, hereinafter referred to as `the Arrangement`, including the recitals and annexes incorporated therein which are indivisible. After payment. Once payment has been made by the debtor, the creditor must make every effort to remove the outstanding debt from the credit bureaus. In addition, the creditor declares that it will not provide additional information that could affect the debtor`s credit information. This debt settlement agreement (the “Agreement”) sets out the terms that govern the contractual agreement between [the company] having its registered office [address] (the debtor) and [company] having its registered office [address] (the “creditors”) that agree to be bound by this agreement. . .