How Do You Write A Debt Settlement Proposal Letter?
Attempting to negotiate a debt settlement can be difficult. By drafting a carefully worded settlement proposal, it’s possible to get the best deal and still protect your credit. First, if you aren’t sure who the proper owner of the debt is, you will want to pull your credit reports from all three credit bureaus and double-check the information contained within. You need to know whether the debt is still with the original creditor or if it’s been assigned or sold to a collection agency. Do not attempt to make any contact until you’ve verified who you actually owe the money to. Next, you will need to decide beforehand how much your initial settlement offer will be and what the repayment terms are. You can choose to offer any percentage of the debt, either in payments or in one-lump sum but be aware that creditors will most likely reject your first offer. Be prepared with a counteroffer in case this occurs. Basic information you will want to include in your letter are your name, address,
