Final Settlement Statement

A Final Settlement Statement is a document that summarizes the terms and conditions of a negotiated agreement between a debtor and a creditor or debt collector to resolve an outstanding debt for less than the full amount owed. The statement typically includes details about the settlement amount, the payment method and timing, and any conditions or requirements for the creditor to accept the settlement, such as the release of any liens or judgments. The statement may also include a breakdown of the distribution of the settlement funds, such as the allocation to principal, interest, fees, or taxes. The purpose of a Final Settlement Statement is to provide a clear and concise record of the agreement, to ensure that both parties understand and agree to the terms, and to facilitate the prompt and accurate payment of the settlement. The statement should be signed and dated by both parties and may be legally binding.