How To Write A Credit Card Settlement Letter – Before you set to write a credit card settlement letter, you need to know what a settlement letter is all about.
What Is A Credit Card Settlement Letter?
Got too many debts staring at you? Brighten up because there’s a perfect solution to every problem. If your credit card debts are pulling you backward, you may be wondering if you can write a credit card settlement letter to your credit card provider.
Well yes, you can write a credit card settlement letter to credit card providers. A credit card settlement letter is a letter that contains an agreement between you (the debtor) and your creditor.
Writing a debt settlement letter can be a pain but you got nothing to worry because it’s always in favor of you, the debtor. It comes with a lot of terms and conditions which include; a payment plan that allows debtors to meet the terms of debt settlement even when the debt settlement due time is over.
Very Important, When Writing A Credit Card Settlement Letter
When writing a credit card settlement letter, remember to always put down meaningful points and send you a letter only after your creditor has made you an offer. This will help you gain a stronger position before your creditor.
Steps To Write A Credit Card Settlement Letter
A credit card settlement letter is a form of contract between a creditor and a debtor and should contain a description of the debt, the amount owed by the debtor, and the debtor’s account number.
Feel relax while I take you on a ride on how to write a settlement letter;
- Go through your outstanding debts and compare them with your monthly income.
- Decide on the exact amount you can offer to pay.
- Always decide on a reasonable offer, it can be from about 20—30 % of your debts.
- Address your settlement letter to the right person or office in the credit company.
- State the account number of the credit card.
- Give your reasons for not being able to pay your bills and wanting to write a settlement letter.
- Clearly states your settlement offer in the letter.
- Give a date to get back a reply from the credit company.
- Send a final letter to complete and confirm your negotiations.
- Review your credit company settlement terms.
- Leave a space for your signature and the creditor’s signature.
Following these steps, you will successfully write a credit card settlement letter. After writing the letter, you need to send 2 copies of the letter to your creditor.
Note; you can hire a lawyer that specializes in consumer law to help you with the agreement between you (the debtor) and your creditor.