Debt & Finance
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- General
1 Agreement to Compromise Debt
On occasion a company or individual will encounter a customer who clearly cannot pay, despite the desire to do so. In this case, it may be better to accept a partial payment than to try in futility to collect the entire amount. In this case the best plan may be to a lesser amount which the debtor will agree to pay off.
This document is an agreement between debtor and creditor to a lesser debt amount and both parties agree to comply with the lesser amount and the payment terms set forth.
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2 Bill Adjustment Request
Use this document to send a request to a company that has overbilled you, that they correct the error. Excess and adjusted amounts will be automatically calculated when you enter the quoted vs. invoice amounts. You may also use this document to notify your credit card company of a mistake to your credit card bill, and request removal of the error.
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3 Credit Card Billing Error
From time to time you might notice a mistake on your credit card bill. Under the Fair Credit Billing Act, you have the right to make the credit card company correct these billing errors. You can customize this letter to challenging the charge on your bill. Once your letter is sent to the credit card company, the law requires the credit card issuer to acknowledge your letter within 30 days and to resolve the dispute within 90 days.
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4 Debtor's Settlement Offer
There are times and circumstances during which creditors will accept reduced payment in full settlement of a debt. The savings resulting from these agreements can be substantial, and you can often negotiate an improvement in your credit report as well. The law of contracts binds you to the terms of your offer, so be certain that you can do what you promise. The creditor can respond in three ways. He can accept your terms, in which case you have a contract. He can vary the terms of your offer, in which case, you are still negotiating. Or he can reject your offer outright. If you are behind on your payments and suspect that your creditor may be open to a settlement offer, use this form to offer a settlement on terms that you can live with.
When a debtor desires to settle a debt with a creditor he or she may do so by initiating negotiations with a settlement offer letter. Use this letter to make an offer to a creditor to settle a debt and set forth parameters of the settlement.
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5 Final Demand for Payment
When a customer or client has repeatedly failed to bring an account up to date, in other words failed to make payments that are due, it may be necessary to make a final demand for payment. At the same time it might be in the best interest of both parties to try and maintain the relationship, therefore a non-confrontational final demand might be the best option.
Use this document to make a final demand for payment in a non-confrontational manner, but let the customer know that the account is seriously delinquent and that action will be taken if the account is not brought up-to-date. Note that by providing a 10-day notice, as this letter does, the company obligates itself to take action after 10 days. Failure to do so will send the message that you're not to be taken seriously on this matter, and further collection efforts will be even more difficult.
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6 Loan Modification Letter
In an attempt to negotiate and modify a mortgage or mortgage payments, a borrower may seek to appeal to the lender with a written request to modify. The letter will explain the reason for the hardship, and need for a reduced payment, as well as explain why the borrowers current situation is changing in a positive way.
This letter will enable a borrower to explain his or her difficulty in making payments in the current amount, and to advocate for a reduced payment with reasons why the new payment will be easier to comply with.
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7 Loan Modification Letter
In an attempt to negotiate and modify a mortgage or mortgage payments, a borrower may seek to appeal to the lender with a written request to modify. The letter will explain the reason for the hardship, and need for a reduced payment, as well as explain why the borrowers current situation is changing in a positive way.
This letter will enable a borrower to explain his or her difficulty in making payments in the current amount, and to advocate for a reduced payment with reasons why the new payment will be easier to comply with.
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8 Lost Credit Card Report
In the unfortunate event that you lose one or more credit cards the first action you must take is to notify the credit card company to ensure cancellation of the card and prevent future charges by someone other than yourself. Use this document to inform your credit card company that you lost your credit card. It instructs them to no longer authorize charges on your card, and asks them to notify you of any fraudulent charges made after the date the card was lost. This letter also authorizes the credit card company to issue a replacement card.
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9 Notice of Assignment to Collection Agency
After multiple notices of late payment and/or demand for payment a company may need to take action with regards to a customer who shows intent to avoid payment. Often a company may assign a debtor to a collection agency who will then be in charge of retrieving payment from the debtor. A collection agency will either buy the debt outright or receive a percentage of the payments when or if they are received. Use this document to notify a debtor of your full intention to collect on the account, and let the debtor know you are turning the account over to a collection agency.
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10 Notice of Disputed Account
It is vital that you check your invoices and billing statements for accuracy. Vendors make mistakes. It is important that you provide timely notice of those mistakes. If there is a significant delay in notice, you may waive your rights to receive a credit or refund. This document provides an easy way for you to generate that notice. It is primarily designed for small business use, but can be useful for any vendor that bills for their goods or services.
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