Counter Offer for Debt Settlement
A counter offer for debt settlement is what you propose to pay your creditors/collection agency in response to the offer they make for payment of your debt in full. A sample counter offer letter for settlement is given below for your reference. It should be attached to the Debt Settlement Agreement Letter sent to your creditor.
Your Address
Your Phone #
Department
Creditor’s Address
Dear Creditor,
Re: Account Number__________
I appreciate that your company is willing to work with me in settling my debt and paying it off. This letter is to make a counter offer in response to the settlement offer made by your customer service representative (over the phone) on [date].
The amount that I would propose to settle the debt in full is $_________. However, I would request you to remove any late payment entry or charge-offs on this account from my credit report.
I’d like to inform you that I have several debt accounts with other creditors as well. Unfortunately, I have limited amount of funds. So, I can pay only those creditors who are willing to meet my terms. I have already reached mutually agreeable settlements with a few creditors and I doubt whether I’ll have enough funds to pay everyone.
If your company is willing to accept my proposal, please sign the attached letter of agreement and return a copy of the same to me. As soon as I receive this signed acknowledged agreement, I shall send you the money order in the amount I’ve proposed.
Your Signature
Your Name
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