Letter of Intent to Settle

A Letter of Intent to Settle is a written communication from a debtor to a creditor or debt collector, expressing their willingness and ability to negotiate a settlement of an outstanding debt for less than the full amount owed. The letter typically includes a specific settlement offer, along with the proposed payment terms and any conditions or requirements for the offer to be accepted. The letter may also include a brief explanation of the debtor’s financial situation and the reasons for seeking a settlement, as well as any supporting documentation or evidence. The purpose of a Letter of Intent to Settle is to initiate a dialogue with the creditor or collector about the possibility of a settlement, and to demonstrate the debtor’s good faith efforts to resolve the debt. The letter can also serve as a starting point for further negotiation and discussion, and may be followed up with additional communication or documentation. The letter should be written in a clear, concise, and professional tone, and should be sent by certified mail or other verifiable means.