A settlement letter is a written offer from a creditor to settle a debt, and serves as legal documentation of this arrangement. A settlement letter is a legally binding agreement on both you and the creditor, and technically replaces your original contract with them. As long as you follow the payment instructions in the letter within the provided time frame, your creditor is legally obligated to honor the terms of the settlement (i.e., forgive the remaining balance of the debt).
What is a settlement letter?
- February 16, 2021
- zach
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