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11 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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12 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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13 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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14 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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15 Second Payment Request
Following a first request to make payment, if the customer or client has still not paid, they may need a second reminder. This letter not only further notifies the customer of default but also creates documentation of the failure to pay should legal issues arise.
Use this document to issue a second notice of failure to pay and to request payment.
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16 Payment Request (1st)
Upon the failure of a client or buyer of goods to maintain his account, in other words keep up to date with payment, a seller of goods may remind the client of his failure to pay. A payment request is often enough to prompt payment from a buyer who has simply forgotten. Use this document to notify a client or buyer of goods that they still owe money on their account and remind them to pay.
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17 Request for Stop Payment of Check
Under certain circumstances you may find you need to demand to your bank that they don't make payment on a check you have written. This means that the person holding your outstanding check will not be able to cash or deposit the check. If this situation arises you will need to notify your bank immediately of the demand to stop payment and give them all information regarding the particular check. Use this document to send a written request to your bank, asking them to stop payment on an outstanding check.
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