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In this tutorial, viewers learn how to write a debt settlement letter, which is a formal communication between a debtor and a creditor used when the debtor faces financial hardship and cannot fully repay a debt. The letter includes a settlement offer, typically for a reduced amount, which may be paid as a lump sum or via a structured payment plan. The creditor may accept or negotiate the offer, and if an agreement is reached, the terms are documented in the letter. Once both parties agree, the debtor makes the payment, and the creditor considers the debt settled, often forgiving the remaining balance. This approach is a common method for resolving debts while avoiding bankruptcy.
