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Debt Settlement Letter - 3 Tips Of Writing A Debt Reduction Request
Author : J.J. Yong
Writing a settlement letter can be considered as a very economical way of overcoming your debt issues. Since you are handling the debt on your own, you don't need to pay any service fee to the settlement company.
In order to reduce your total debt successfully, you need to send a request to your creditor in a proper manner. The message you convey to your creditor must be clear enough to show your sincerity in settling your outstanding balances. The letter must reflect a commitment from you.
There are 3 basic things you need to keep in mind:
A debt reduction request is not meant to gain sympathy from your creditor. Your main purpose of writing the letter is to reduce your financial burden. You are advised not to describe your financial situation in a story telling way. You just need to provide a brief introduction on the hardship you are facing. Get the supporting documents to prove your statements. For instance, if you have been retrenched, you are advised to attach the letter from your ex-employer.
When you are putting your request into words, you need to write down the settlement amount you would like to pay. At the same time, you need to justify why you request to pay off your debt at such amount. Don't just ask for reduction at certain percentage. Your creditor will definitely reject your request.
In general, most of the creditors are willing to accept the settlement proposal if the debtors are willing to pay off their debts at one lump sum. Hence, if you would like to obtain debt reduction successfully, you had better not to propose to pay off your debt by installment.
Last but not the least; you are reminded to keep in mind that whatever you write on your letter is a commitment which contains legal obligations. Hence, don't simply write anything as you like.
Author's Resource Box
For more information about writing debt settlement letter, visit DebtSettlementLetterTips.com.
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Submitted : 2010-03-17 Word Count : 728 Popularity: 34 Times Viewed: 10
