Letter of Intent - To Pay

VIEWS: 9,595 PAGES: 4

More Info
									This Letter of Intent is addressed to a creditor from a debtor which sets out the terms of
the debtor's intent to pay off the debt. The letter sets forth the total amount due and
owing including all interest accrued to date. It offers a cash amount as settlement of the
debt in full as agreed to in prior negotiations. The creditor agrees to the terms
contained in the letter by signing it at the bottom. This document provides a basic
format and may be customized to fit the specific needs of the parties. It should be used
by a debtor when settling his or her debt to a creditor.
                              LETTER OF INTENT – TO PAY
                                                Address [Of Sender]


                                     (Creditor’s Name & Address)



         Re:      [Your Name]
                  Account Number:

Dear                                 :

       Further to our discussions regarding the above-referenced outstanding account, and for
the purposes of facilitating the settlement of the outstanding debt, it is my understanding that the
following terms have been agreed upon:

1.     Upon acceptance of this Letter of Intent by you, we agree that the current outstanding
debt due and owing to you is the principal amount of ______________ ($________) Dollars,
including any outstanding interest to date.

2.    It is our agreement that you will accept a cash payment from me in the amount of
_____________ ($_______) Dollars towards settlement of the debt in full.

3.     It is our agreement I will make the cash payment [or payment could be by wire transfer,
or any other method agreed upon by the parties] to you for settlement of the debt in full by the
_____ day of ____________, 2_____.

        I trust you will find the foregoing to be an accurate restatement of our agreement and my
intent to pay the outstanding debt. Would you kindly sign this letter of intent, indicating your
consent and agreement and forward an executed copy to me. Upon my receipt, I will forward the
payment directly to you as set forth in paragraph 3.

Yours very truly,

[Signature of Debtor]

The undersigned hereby accepts and agrees to the foregoing this __ day of __________, 2____
on behalf of [Insert Name of Creditor].

© Copyright 2011 Docstoc Inc. registered document proprietary, copy not                 2

© Copyright 2011 Docstoc Inc. registered document proprietary, copy not   3

To top