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AGREEMENT TO COMPROMISE DEBT
The undersigned a creditor of__________________________
(Company) hereby agrees to compromise the indebtedness due the
undersigned creditor on the following terms and conditions:
1. The Company and the undersigned agree that the present
debt due is £ ___________.
2. The parties agree that the undersigned shall accept
the sum of £_____________ as full payment on said debt and in
complete discharge of all monies due, provided the sum herein
shall be promptly paid in the following manner:
3. In the event the Company fails to promptly pay the
compromised amount, the undersigned creditor shall have the
right to prosecute its claim for the total debt due under
Paragraph 1 less any payments made.
4. This Agreement shall be binding upon and inure to the
benefit of the parties, their successors and assigns.
INSTALLMENT AGREEMENT
TO PAY DEBT
Date:
To:
Dear:
This letter serves to confirm our agreement
of___________, 19__, in which you acknowledge the outstanding
overdue debt of £____________ to our company. We agreed that you
shall make consecutive weekly payments of £___________ until the
debt is satisfied in full. We further agreed that I would
receive the first payment by _______________,19__ and each
successive payment every ___________________ thereafter.
I sincerely appreciate your cooperation in resolving this
matter. Finally, would you acknowledge our agreement by signing
the enclosed copy of this letter and returning it to me in the
enclosed, self-addressed envelope.
Very truly yours,
_______________________
Signed and sealed this____day of _____, 19__.
_______________________________
_______________________________
DEMAND FOR COLLATERAL
Date:
To:
Dear:
Under an agreement dated ______________, 19__, you
pledged certain collateral as security for the prompt repayment
of a note of even date. Presently, you are in default under the
note because:
As the holder of the note, and agreement, demand is
hereby made of you to forthwith deliver up and surrender the
collateral attached in Schedule "A" to this letter at
_______________________________.
Very truly yours,
_____________________________
FINAL NOTICE BEFORE LEGAL ACTION
Date:
TO: (Customer)
Re: £_______________ PAST DUE
We have repeatedly requested payment of the above past
due account. Our demands for payment have been ignored.
Therefore, we shall turn this account over for collection
within the next ____ days unless payment, or an acceptable
proposal for payment is received.
Collection action on this obligation may result in
additional legal or court costs to you and may impair your
credit rating.
Very truly,
_____________________________
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