Full and Final Settlement letter for outstanding debt stating debt amount, reason for payment delay and proposed repayment schedule with creditor's acceptance acknowledgement.
The debtor understands that they have outstanding debts and explains the following reasons. After discussion, the creditor understands the debtor's difficulties and is willing to consider their proposed arrangement to settle the debt. The debt repayment schedule is outlined in the contract.
This letter to the creditor can be used by a debtor, whereby a debtor is looking to request a new repayment schedule deadline extension on outstanding debt. This serves only as a template and you may wish to make other requests.
This Letter to the Creditor can be used to request the creditor to:
- Accept a new proposed repayment schedule as full and final settlement
- Postponement of the Payment Deadline
- Waive any interests of penalties during the suspension of payment
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Full and Final settlement,
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