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Debt

Agreement to Compromise Debt

by emily on June 12, 2012

AGREEMENT TO COMPROMISE DEBT

 

FOR VALUE RECEIVED, the undersigned being a creditor of _ (Organization) hereby enters into an agreement to compromise and reduce the indebtedness due the undersigned on the below mentioned terms and conditions:

1. The Organization and the undersigned acknowledge that the present debt due is $_.

2. The parties agree that the undersigned shall accept the sum of $_ as full and total payment on said debt and in complete discharge of all monies presently due, provided the sum herein shall be punctually paid in the way mentioned below:

_

3. In the event the Organization fails to punctually pay the reduced amount, the undersigned creditor shall have full rights to prosecute it claim for the total debt due under paragraph 1 (less payments made).

4. This agreement shall be binding upon and inure to the benefit of the parties, their successors, assigns and personal representatives.

Signed under seal this _ day of _, 20_.

_______________________________

Creditor

Agreement to Compromise Debt

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Collections Report on Current Status of Debt

by emily on June 5, 2012

TO:

FROM:

 

WE REPORT AS FOLLOWS:

25. Just relocated at new

address;—following

A. DEBTOR’S ATTITUDE: 26. Lives in remote district:

1. Promises to pay later hard to contact personally

2. Ignores requests 27. Debtor is a minor. Trying

3. Disputes claim for settlement

4. Refuses to pay 28. Debtor judgment-proof;

5. Claims account is paid recovery doubtful

 

B. DEBTOR’S FINANCIAL D. ACTION RECOMMENDED

6. Doing part time work 29. Voluntary collection not

7. Working on commission possible. Recommend suit.

8. Out of work. Rechecking a) furnish 4 copies of

regularly. itemized statements

9. On relief. indicating date, amount

10. Earnings exempt; no other of each payment.

attachable assets. b) Original papers

11. Heavily in debt. c) Counsel must have legal

12. Debtor ill and without identity of Creditor in

funds. order to proceed.

13. In military service.

 

C. CURRENT ACTIVITY INDICATE IF:

14. Trying for a compromise A corporation–where?

15. Rechecking for assets to A partnership–full

justify legal action or names of all–

ability to pay. Individually owned–

16 Debtor deceased; checking Full name of individual?

for estate.

17. Claims returned merchandise E. ACCOUNT CLOSED:

on ___________________

18. Suit filed; still pending 30. Skip–cannot locate

19. Judgment obtained. Attorney 31. No assets–hopeless

trying to execute Legal action not

20. Skip–trying to locate recommended.

Can you help? 32. Per your request.

21 Claims paid to you on 33. Subject refuses to

_______________Please pay or compromise,

confirm payment. too small for suit.

22. Claim in hands of our 34. Bankruptcy, no assets

representative in debtor’s 35. Outlawed. Refuses to

area. We are requesting pay or compromise.

report. 36. Deceased. No estate.

23. Just received a payment of Family won’t assist.

$_________________ 37. Exhausted all

24. We are making a final collection efforts.

effort for you. Uncollectable.

 Collections Report on Current Status of Debt

Top Sample Letters Terms:

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Agreement o Extend Debt Payment

by emily on May 17, 2012

FOR VALUE RECEIVED, the undersigned being a creditor of _

(Organization) hereby agrees into an agreement to compromise and reduce the indebtedness due the undersigned on the subsequent terms and conditions:

1. The Organization and the undersigned party recognizes that the present debt due is of the amount $_.

2. Both the parties agree that the undersigned intend to accept the sum of $_ as full and total payment on said debt and in complete discharge of all monies presently due, provided the sum herein shall be punctually paid as mentioned in the following method:

3. In case the Organization fails to pay on time the decided due amount, the undersigned creditor shall be authorized with full rights to prosecute claim for the total debt amount due under paragraph 1 (less payments made).

4. This agreement shall be binding upon and inure to the benefit of the parties, their successors, assigns and personal representatives in future.

 

Signed under seal this _ day of _, 20_.

 

_______________________________

Creditor

_______________________________

Organization

Agreement to Extend Debt Payment

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