What Must You Include In A Debt Settlement Letter

By Author: J.J. Yong
Total Articles: 963
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Debt settlement letter has played an important role in assisting the people in debt to get rid of their debt in a legal way. At the same time, composing a "sound" settlement letter can actually help to improve their credit rating too.

There are 4 key points you need to include when you are drafting your letter.

1) Your basic information

In order to make things simple, you should include your full name, your mailing address, your contact number and the account details in your letter. Make sure that your account number, current interest rate, total outstanding balance and terms of repayment are stated clearly.

2) The main reason why you fail to pay back your debt

You are advised to reiterate your current financial situation. It is not necessary to explain in detailed from head to tail about your personal experience but just highlight the hardships you are facing honestly.

3) Propose your offer

You are required to state your resolution seriously. You should indicate that you have a sum of fund on hand and you would like to propose to pay off your debt at the reduced amount which ...
... you can afford. You must inform them the maximum repayment amount based on your financial ability.

4) Set condition for settlement

Whenever you ask for settlement, you must set condition in order to protect your benefit. Request your creditor to provide an official letter agreeing to assist you to repair your credit score.

Don't look down on the effects of the settlement letter. It works better than phone calls. It is also more economical if compared with getting a professional settlement company to manage the debt. Hence, you are advised to put in more effort in producing a good content so that you can reduce your total debt more successfully.
For more information about writing debt settlement letter, visit DebtSettlementLetterTips.com.