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A debt settlement letter is an agreement between a debtor and a creditor or debt collector to resolve a debt, typically for less than the original amount owed. It outlines the debtor's intentions to pay either a lump sum or through a payment plan. The debtor must ensure they can afford the agreed amount; otherwise, the settlement offer will be terminated, and the full original debt must be paid. The letter should include the debtor's name, the proposed payment amount, the relevant account, and a deadline for payment or response regarding the settlement. It's important to avoid sending payment without written confirmation that it will settle the debt in full.
