Debtor Request for Certified Statement from Secured Party

This is request from a debtor to secured party to certify the exact amount then due from debtor. This is useful for a variety of reasons, among them for the benefits of your financial statements and your auditors, should you have them.

 Debtor, Partial Payment on Account

If you intend to make full payment with out objection, you are usually best off to make at least the first payment prior to negotiating terms with the creditor. In fact, there is a strong argument that you should make several payments and wait for them to contact you if they wish to accelerate the process. Many credit managers will let the matter slide if you make a reasonable effort to discharge the debt. Some will contact you. Others will be happy to see you are in the paying habit and will not disturb your own self-administered payment plan.

 Debt Settlement Letter, from Debtor

A debt settlement letter is written by the person who is in debt (also referred to as the borrower or debtor), to the person whom he or she is in debt to (also referred to as the lender or the creditor), in order to negotiate or renegotiate the amount of debt or the rate of interest or the time period of the debt. The debt settlement letter is also called the debt arbitration letter or the debt negotiation letter. Use this debtor debt settlement letter to settle a debt. An offer of a 100% payout of the reduced sum can often result in big savings for the debtor as well as extinguishing a nasty dispute. The challenge is to avoid being trapped by sending in money in settlement that the debtor then claims is only for balance reduction. The way to avoid this is to require a clear settlement offer from the creditor prior to tendering the money. Debt reduction negotiations depend largely, as in most negotiations, on how strong the other side’s hand is. If they have good security, you cannot do much but you usually can do 10% to 20%. If they have no security, and are concerned about you as a credit risk, they may be willing to take a discount of 25% to 50%, or more. This debtor debt settlement letter has been crafted so you don’t get trapped into paying the settlement amount.

 Debt Compromise Agreement

Debt Compromise Agreement Get this Debt Compromise Agreement in place prior to sending money to a creditor. A creditor is well advised to get this document in place before finalizing an agreement. On occasion you will encounter a customer who clearly cannot pay, despite his/her/their desire to do the right thing. In this case, it may be better to accept a partial payment that to try in futility to collect the entire amount. This document is a proposal for liquidation of the debt at less than face value. It can be used to compromise the debt for a business or an individual.

 Debit Your Account, Repetitive Authorization

Debit Your Account, Repetitive Authorization Debiting accounts has become a quick way to transfer funds to pay obligations and can bring advantages to both parties. Be sure the signer is an authorized signer of the account being debited. You are advised to use the same form, signed by the same person, to expedite this at your Bank. After they get to know you, the Bank will often accept a faxed notice versus a hand delivered one. You do not need a witness since you do not need one for a normal bank check. If you establish a regular and repetitive debit authorization system, your payee may grand you an additional discount. Consider taking advantage of it and, at a minimum, inquire to see if you can negotiate such a discount in return for this highly predictable and regular payment method.

 Debit Your Account, One Time Authorization

Debit Your Account, One Time Authorization Debiting accounts has become a quick way to transfer funds to pay obligations and can bring advantages to both parties. Be sure the signer is an authorized signer of the account being debited. You are advised to use the same form, signed by the same person, to expedite this at your Bank. After they get to know you, the Bank will often accept a faxed notice versus a hand delivered one. You do not need a witness since you do not need one for a normal bank check.

 Creditor - Objection to Debtor Offset

Objection to Creditor Debtor Offset This letter is intended to object firmly to a notation, comment, or other written item on the face of a check objecting to the charges and stating unilaterally that this is in final settlement of the charges due. To be effective, this kind of letter must be sent promptly and followed up clearly. If this is a unilateral offset by creditor, debtor should be able to collect as long as the debtor is solvent. If, however, the creditor discussed a payment with debtor, but did not in the end agree to one, the debtor has the potential to cloud the matter in court. If the creditor in fact made an offer as suggested by debtor, then the offer should be accepted and this letter not sent—though some creditors might be tempted to try to “get away” with it. All of this is one reason why written correspondence of all kinds is better for both parties if they intend to meet their obligations. Oral conversations are best for defendants seeking wiggle room (e.g., “but he said....” and so on and so on). Be so advised about the business practicalities when engaging in this kind of transaction.

 Credit Reference

A credit reference is information, the name of an individual, or the name of an organization that can provide details about an individual's past track record with credit.Credit rating agencies provide credit references for companies while credit bureaus provide credit references for individuals. Other letters of credit reference might be written by banks which would provide basic information about how long the applicant has held an accounts, what type of account it was, and whether or not there were any overdrafts or late payments noted. How credit references are used Credit references are used to help lenders quantify the risk of lending to a given applicant, or to determine overall creditworthiness. For example, if an applicant's credit history indicates proper, timely payments on all outstanding obligations,a lender may judge it more likely that the applicant will make timely payments on the requested loan. Keeping a collection of good credit references is always a good idea. It is especially important in business situations. The best way to initiate one of these requests is when a vendor or supplier “wants” something from you. Then ask for it. Keep a file of credit references for use when required. Follow-up by phone, not letter. Remember you are not dunning them. You are “asking” them. As a business, you should do this in an orderly manner at least once a year. When you review the reports, you will know whom to use.

 Credit Denial Notice

Credit Denial Notice You are entitled to deny credit with no cause, for facts uncovered in credit histories, but not for prejudicial purposes. People denied credit are entitled, by law, to this notice and similarly by law to receive any reports from credit agencies you may have used to make your determination. Businesses are not entitled to any of the above although some vendors provide this kind of letter as a courtesy. This is an adverse action notice used to notify an applicant of missing information, a counteroffer, a credit denial (with specific reasons), or termination of an existing line of credit. This is the only credit denial document that accommodates use of a credit scoring system.

 Credit Card, Negotiations for Better Terms

Better Credit Card Term Negotiations This letter is an attempt to negotiate better terms with your Credit Card company. As with most negotiations your most promising approach is to narrow your focus. In this case, you should either ask for an elimination or reduction of the annual fee or a lower interest rate on unpaid balances. To ask for both is to risk getting neither. Following these four tips will give you the bargaining power you need to come away a winner. 1. Know your value. 2. Do your research. 3. Start with your current cards. 4. Be flexible.