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Full and Final Settlement letter for outstanding debt stating debt amount, reason for payment delay and proposed repayment final discounted repayment amount 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 proposed discounted amount 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 discounted repayment amount 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 discounted repayment amount
- Waive any interests of penalties during the suspension of payment