If you’re unable to pay back a large amount of debt, you might be interested in learning more about debt settlement. Debt settlement works to negotiate with your creditors to forgive all or part of your debt. Throughout this process, communication is usually done with written letters. Written letters work best to convey the clear and detailed terms you have for your creditor.
A debt settlement letter is a written proposal for you to offer a specific amount of money in exchange for forgiveness of your debt. These letters address why you’re unable to pay the debt, how much you’re willing to pay now, and what you would like from the creditors in return. Working through the proposal is how both parties determine the terms and agreements of the debt settlement exchange.
What Is Debt Settlement?
Debt settlement is the meticulous process of negotiating terms with your creditors, in hopes … Read the rest