Can a Debt Settlement Letter Help in Debt Reduction?
In today’s business world, as long as the debtors write in the settlement proposals to their creditors, it is compulsory for the creditors to respond to them, either in a positive or negative manner. The creditors may agree, reject or counter offer based on different individuals’ financial situations. Nowadays, debt settlement letters have become essential tools for the debtors to negotiate further with their creditor so that they can get rid of their debts faster. How does it work? Let’s take a look at the general content of the letter. In common, most of the debtors write in to inform their creditors about their intention to settle their debt even they are facing financial hardship. They offer their solutions to the creditors based on their financial ability. They are committed to pay back certain amount of debt if it is agreeable by the creditors. This two-way written communication normally ends up with a win-win situation where the creditors are able to get back at least 50% of the
