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Dear Creditor,

Re:

This is in response to verbal debt settlement agreement made between myself and your customer service representative on . I appreciate that your company is willing to work with me in settling the debts I owe.

This letter is to confirm my acceptance of the verbal offer.

The amount that your representative and I have mutually agreed upon to settle the debt in full is $.

I earnestly request you to take into account the fact that your representative and I have agreed to eliminate interest rates and penalties related to this account. I also request you to co-ordinate with the credit bureaus and eliminate all the negative markings related to this account.

I hope the above terms acceptable will be acceptable to you. If they are, please sign this letter and return a copy to me.

I will send the settlement amount to you through a money order as soon as I receive the signed and acknowledged agreement from you.

Sincerely,

Your Signature_____________________

Your Name________________________


A Letter of Acceptance of Verbal Debt Settlement Offer is the written confirmation of the deal you have negotiated with your creditor/debt collection agency verbally. You must get it signed by the creditor or collection agency before you pay on any settlement agreement. If you are not sure about what a Letter of Acceptance should look like, here is a sample that will help you understand how to write the letter:

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    • The debt settlement program typically lasts between 6 months to 4 years time.
    • At least 30% of the debt amount per creditor needs to be accumulated in the trust account for OVLG to give the creditor any settlement offer.
    • Not all creditors or debt collectors will accept a reduction in the balance, interest rate, or fees a customer owes such creditor or debt collector.
    • Pending completion of the represented debt-relief services, the customer's creditors or debt collectors may pursue collection efforts, including initiation of lawsuits.
    • That the use of the debt-relief service will likely adversely affect the consumer's creditworthiness, may result in consumers being sued by their creditors, and may increase the amount owed to creditors as a result of the accrual of additional fees and interest.
    • Savings a customer realizes from use of a debt-relief service may be taxable income.
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