We use cookies to make wikiHow great. Available online and by phone. Thank you in advance for your understanding of my situation. Since the letter can be used later in legal processes, it’s essential to know how to craft a perfect letter. Use this template letter to make an initial debt settlement offer if the debt is still with the original creditor. • Know your legal rights. It may be possible to ask your creditors to write off the debts if you have no available income to make any payments and have no savings or assets. Click anywhere in this area to hide this message. Copyright 2020 Leaf Group Ltd. / Leaf Group Media, All Rights Reserved. Please read this note before using this sample letter. It is also very important when communicating with creditors to use the term "alleged debt." (Learn about embedding content.). {"smallUrl":"https:\/\/www.wikihow.com\/images\/thumb\/4\/46\/Write-a-Debt-Negotiation-Letter-Step-1-Version-2.jpg\/v4-460px-Write-a-Debt-Negotiation-Letter-Step-1-Version-2.jpg","bigUrl":"\/images\/thumb\/4\/46\/Write-a-Debt-Negotiation-Letter-Step-1-Version-2.jpg\/aid1127192-v4-728px-Write-a-Debt-Negotiation-Letter-Step-1-Version-2.jpg","smallWidth":460,"smallHeight":345,"bigWidth":"728","bigHeight":"546","licensing":"

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\n<\/p><\/div>"}, http://www.bankrate.com/finance/credit-cards/state-statutes-of-limitations-for-old-debts-1.aspx, http://lifehacker.com/5858942/use-the-20-percent-payment-plan-to-kill-debt-simply, http://www.bills.com/debt-negotiation-and-settlement/, http://www.creditinfocenter.com/debt/settle-debts.shtml, http://www.bcsalliance.com/debt_settlements_sample_letters_1.html, http://www.bcsalliance.com/debt_settlements_sample_letters.html, http://thedebtlady.com/how-to-write-a-settlement-offer-letter/, http://www.nolo.com/legal-encyclopedia/debt-negotiations-common-mistakes.html, consider supporting our work with a contribution to wikiHow.