Debt Settlement Agreement
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1Debt Settlement Agreement
This document is confirmation that ________________ (name of creditor) and ________________
(your name) have reached a debt settlement agreement for:
(check one)
____ - An Account ________________ (account #)
____ - A Loan in the Amount of $________________ (amount)
____ - Default on Payment(s) to be made at ________________ (date)
____ - ________________ (other)
________________ (creditor) and ________________ (your name) both agree that the total pre-
settlement debt balance is ________________ (list $ amount). This agreement verifies that
________________ (creditor's name) shall accept the sum of ________________ (list new $ amount)
as full payment on the debt owing and, upon receipt of the agreed settlement, will consider the account
as “paid in full”. ________________ (Creditor's name) also agrees to the following conditions:
1.
To dismiss all current lawsuits and to take no further legal action against (your name) with
regards to account number (list number).
2.
To report account number (list account number) as “paid in full”.
3.
To delete all negative listings with regards to account number (list account number) from the
three major credit bureaus: Equifax, Experian, TransUnion.
4.
To never, in the future, place any negative listings with regards to account number (list account
number) on (your name)'s credit report.
Payment will be made in the form of a cashier's check or money order. Upon payment of
________________ (agreed $ amount), this document is considered valid and binding. If
________________ (your name) fails to pay agreed upon amount by ________________ (date), this
agreement will be considered null and void, and the full original amount will be owed by
________________ (your name).
Date:
Signature of legal representative for Creditor:
Your Signature:
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Parent category: Business