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Tips on Writing an Collection Settlement Letter

Here are some useful tips of collection settlement letter to help you write an effective letter.

  • Compose it on the official letterhead of the organization.
  • Follow the standard business letter writing format to draft it.
  • Keep the tone of the letter very formal and courteous.
  • Start with a formal salutation.
  • Directly address the debtor. This makes the letter more effective.
  • Include the full name of the debtor, contact details and the same details of the creditor and its representative.
  • Clearly mention that you have accepted the offer of settlement in the opening lines of the letter. State the exact amount and the date of payment in the initial lines.
  • Explain the terms and mode of the settlement. Give the time frame given by the credit provider in the next paragraph. Add some sentences to state the payment structure clearly.
  • Collection agencies usually provide a home collection service to the debtor regarding the settlement. If you are offering such service mention it in the middle paragraph.
  • Ask the reader about the convenient mode of payment. Encourage him to contact you for a home collection.
  • If you have attached any document or the settlement form mention it in the end under the enclosure notation.
  • Thank the reader in the end and put your signature.

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