A Request for Debt Settlement Letter is a document that can be used by individuals when they want to ask their creditor to settle their debt due to their bad financial situation. The purpose of the document is to inform their creditor about their hardships and ask them to consider a debt resolution.
In this letter, the individual can not only explain why they cannot repay their debt in full but also offer the amount they can pay to their creditor as a final settlement. In return, they should ask the creditor to release the individual from any kind of liability or taking any actions to collect the debt. A Sample Letter of Request for Debt Settlement is available for download below.
The Request for Debt Settlement Letter should not be longer than one page. The creditor is more likely to consider debt settlement if the individual will provide evidence of their hardships. Individuals can attach to the request any appropriate documents they consider important.
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