Here's an example of a letter to send to any creditor. As you proceed make sure you:
1- Send the letter for signed certified return reciept as proof of delivery.
2- Write on the back of the check, "Endorsment of check confirms agreement of the terms in the letter.
3- Get a record of the signed endorsed check.
4- Send a copy of the letter, endorsed check and certified mail reciept to: the creditor and the credit agencies verifing the new terms of the agreement.
5- Stick to the agreement.
6- Archive the file for reference in case they attempt to breech the areggement.
7- If they send the check back, respond to their resaon they sent it back and resend the letter again with terms you agree to.
As you do this method, please report back and post your results. Let's help each other get out of this mess!!!
Example:
Bank of McCain, P O Box 12345, Wilmington, DE. 19850
800-673-xxxx o
From: XYZ LLC, or Personal Name, Director
Address
Account # 123456789
Re: Acceptance of certified letter concerning hardship and payment restructure.
Due to unforeseen cancelation and downsizing of business contracts, we are experiencing extreme financial hardship and possible bankruptcy. Therefore, we must immediately restructure our payments terms to you to $100 per month with you agreeing to a moratorium on the interest rate, late fees, penalties, finance charge, any increase in the account balance and harassing communication.
Please note, signage of the certified letter return receipt acknowledges proper notification. As well as of the date of acceptance of the enclosed first $100 payment with check number xxx. This check being deposited with your endorsement confirms a complete acceptance in the above terms and is final.
Thank you in advance for your acceptance and cooperation.
Name, Director,
XYZ LLC
Posted By: Siebra Muhammad
Friday, December 24th 2010 at 1:46PM
You can also
click
here to view all posts by this author...
