help writing letter.

Discussion in 'Credit Talk' started by highside, Nov 13, 2001.

  1. highside

    highside Member

    I dont even know if it is possible, but here is what I am looking at. 4 months ago I had a car repo. Now the company that financed it is calling me. They said I still owe 8000 on it. The first thing they said is that they can cut that in half and only pay 4000. Now is there any letter that I can write to try to work things out with them. I dont have 4000 now but can pay it off. I only want to do this if they can take it off my credit. Can I say that I will pay a certain amount for 12 months or so if they promise to take it off my credit when I pay the 4000 in full. What kind of letter should I write.
  2. Kittw1

    Kittw1 Well-Known Member

    I think I have something in my trusty file folder. Email me and we'll see what excellent letter we can come up with.
  3. roni

    roni Well-Known Member

    try looking at the free site

    it has copies of letters like you're requesting... no charge...
  4. KristyW

    KristyW Well-Known Member

    Here's one:


    Max Creditor, referred to as CREDITOR and Jane Doe, referred to as DEBTOR, agree
    to compromise the indebtedness as between them. CREDITOR, hereby agrees to
    compromise the indebtedness due the CREDITOR on the following terms and

    The CREDITOR and the DEBTOR agree that the present debt due is $1436.18 (one
    thousand four hundred thirty six & 18/100 dollars). The parties agree that the
    CREDITOR shall accept the sum of $1000.00 (one thousand & no/100 dollars) as full
    payment on the debt. The acceptance of the payment will serve as a complete
    discharge of all monies due. The payment shall be made in cash.

    In addition, upon accepting of the $1436.18, the CREDITOR will notify all Credit
    Reporting Agencies that account is PAID AS AGREED, and delete any entries
    showing this account as ever being late.

    This compromise is expressly conditioned upon the payment being received by
    January 15, 2002. If the DEBTOR fails to pay the compromised amount by January
    15, 2002, the original amount owed by the DEBTOR will be reinstated in full, and
    immediately due.

    This Agreement shall be binding upon and inure to the benefit of the parties, their
    successors and assigns.

    Dated: _______________

    Signature: ____________

    Max Creditor

    Signature: ____________

    Jane Doe

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