What is Debt Consolidation
Credit Card Debt Consolidation
Medical Debt Consolidation
7 Tips About Debt Consolidation
Common Debt Consolidation Mistakes
Debt Consolidation
Risks of Debt Consolidation, Types of Debt Consolidation Loans, Pros & Cons
Balance Transfer or Debt Consolidation?
Debt/Credit Calculators
 
Discussion Forum
 
Credit Counseling and You
Non-Profit Credit Counseling
 
Consequences of Credit Card Default
Effects of Credit Card Default
9 Common Credit Card Mistakes
Eliminate Credit Card Debt in 90 Days
Credit Card Debt
10 Expenses You Can Not Afford If You Have Credit Card Debt
Truth About Credit Card Companies
Should I Tear Apart My $300 Limit Credit Card - The Worst Credit Card Ever?
Disputing Credit Card Debt
401k vs Credit Cards: Where to invest?
 
Debt Settlement Letters
Sample Letters
Write a Powerful Debt Validation Letter
Reputable Debt Settlement Agreement
 
Debt Settlement vs. Debt Consolidation
Dangers of Debt Settlement
Avoid Debt Settlement Pitfalls
Debt Relief Tools/Debt Management Programs
Debt Settlement FAQs
Is Debt Settlement Money Taxable?
 
Reduce Medical Debt
Free Bill Consolidation: Does it exist?
Budgeting to Stay Debt Free
10 Debt Reduction Mistakes
Should I Pay Off my Debt or Save Up for a Down Payment on a House?
Bill Consolidation
Three Secrets to Lowering Your Debt
Tips To Lower Your Bills
 
Government Debt Help
Debt Help During Recession
Debt Relief During a Recession
What Debt Relief Means
 
Pay Off $50,000 Debt
Worried About Bills?
Money & Debt Videos
Report Illegal Collection Activity
Managing Medical Bills
Medical Debt & Bankruptcy
The Facts on Debt
Debt Quotations
Drowning In Debt?
Who to pay first?
Managing Debt FAQs
Medical Debt Solution
12 Hot Tips for Eliminating Debt
7 Debt Elimination Mistakes
2 Ways to Achieve Debt Elimination - Debt Snowball Elimination Method
 
Payday Loan Consolidation
Payday Loan Debt Consolidation
Payday Loan Relief
Default on a Payday Loan?
Payday Loans | Consumer Information
Problems with Payday Loan Stores
Bad Credit Loan Relief
How Payday Loans Work
 
What is Loan Consolidation?
How to get a $50,000 loan
Get an $80,000 Loan
$100,000 Loan for Debt Repayment
Veteran's Home Loan Refinance Options
Government Loans vs. Private Loans
Finding a Government Loan
Student Loan Consequences
 
Reputable Debt Consolidation Companies
Debt Consolidation Company Reviews
Reputable Debt Management Companies
List of Debt Companies in USA
Debt Companies By City
 
How Debt Affects Your Credit
What is shown on my credit report?
Improve Your Credit Score
Correct Credit Report Errors
Can Debt Settlement Ruin Credit?
Can Debt Negotiation Ruin Your Credit?
 
401k Limits
Safe CD Rates
Financial Planning
Banks versus Credit Unions
AMEX Horror Stories
IRS Tips For Audit
Choosing a Tax Preparer
American's not planning for long term care
Understanding Usury Laws
Unemployed During A Recession
FREE Government Grants
Where does money really come from?
 
About Us
Contact Us
6 Payday Loan Debts Owe
Borrow a Loan to Pay Off Payday Loan?
My husband was out of his job and Payday Loans were rolling over

Debt Consolidation Facts

1. If you spend more than 50% of your credit limit every month, this indicates to the Credit Bureau that you do NOT have enough cash on hand to meet your monthly expenses. This will identify you as a high credit risk and will actually reduce your credit score by 60 - 70 points overnight (Fair Isaac).

2. If you miss 1 or 2 payments on your credit card debt, the issuing company will skyrocket your interest rate to a whopping 27% - 30%!

3. Out of a random sample of 3 million American consumers (included in Experian's National Score Index), 51% of them have at least 2 credit cards and 14% of them have 10 or more credit cards.

Final Debt Payment Letter: Letter to Alert Creditors that You have Sent Payment

If you intend to fully settle a particular debt, writing a check and and marking "Paid in Full" on your checkbook or record book may not be enough to fully relieve you off debt. This is because some debt collectors will refuse to set your account to Zero or forget to do it. In order to avoid this risk, you should use the below sampled debt settlement letter to inform the debt collector that you intend to send payment within 30 days and settle your account to $0. If the creditor does not agree with your payment, he is required to send you a written correspondence letter within 30 days. If he does not send you a written communcation letter, you will assume the credit has set your account to zero.

If the debt collector cashes in your check but does not settle your debt to $0, you will have much more solid ground in the court incase they decide to sue you.
Warning: Do not try to fool your creditor by sending a $100 debt settlement letter when you really owe $1000. This is unethical and stupid! According to the Fair Debt Collection Practices Act, only send this letter if you really believe your last debt payment will settle your debt to $0.

Click here to get an MS Word format version of this letter. A .doc file will open up and save it to your Desktop. This way you can easily retrieve the file.

Today's Date (dd-mm-yyyy)

Your Name
Your Address
Your Phone #

Debt Collector's Name
Debt Collector's Address

RE: (Account # of Debt Owed, Customer Name & Type of Debt)

Mr/Mrs. Debt Collector,

According to my records, I owe $____ on the above referenced account. This letter is to inform you that within 30 days, I will be sending the above due amount of $____ in order to fully settle my Debts with your company. I will then mark this debt as "Paid in Full."

If you do not agree with the above amount that I owe, you are required to send me a written explanation before these 30 days pass. If I do not receive a written correspondence from you within 30 days, I will assume you agree with my payment and will accept this final debt payment. I will also assume you will mark my account as Zero.

If you have any clarifications or questions, you can reach me at (###-###-####) or my Email: ____@.com

Sincerely,

(Your Signature)
(Your Printed Name)





 

Post a Comment
Name:
Email address:

Powered by thesitewizard.com