Mortgage and Insurance

I have a letter im sending to CA re: verbal Payment plan made over the phone that i would like in writting. This i what I have so far. What do you think? Did i leave anything out? Would you change something? Let me know, thanks!!!

 

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(Creditor name)
(Creditor address)

Re: (Account number)

Dear (Creditor name),

This letter is an attempt to clearly state terms of verbal agreement made on the remaining balance owed on the following account. A WRITTEN agreement protects both the parties from discrepancies and disputes later.

1. (Account number)

The total amount owed on this account is ($ X).

1. (CA) agrees to accept a payment arrangement as settlement of the balance owed on (account number). The payment term will be for (X) months, beginning in (3/25/2011) and ending in (date of the last payment). A monthly payment of ($ 50) over the next (Z) months will be paid to (ca) as an agreed full and final settlement of all outstanding charges and fees on (account number). Each monthly payment will be due on the 25th day of the month.

2. (CA) agrees to delete ALL information regarding this account from the credit reporting agencies and will not discuss the terms of this settlement with anyone, excluding your client on this account. If contacted by any third party, including credit-reporting agencies, Collection Agency will not acknowledge that any settlement offer was made, accepted or executed and will, in fact, deny knowledge of any such account (CA) reserves the right to resume collection attempts only if (your name) does not adhere to the payment schedule outlined in item #1. Once the entire balance has been paid off in full, (ca) agrees to permanently cease any and all attempts to collect on (account number), since (creditor name) would recognize the account as being paid in full.

3. (Creditor name) agrees not to sell the debt owed on (account number) to any third party, provided that (your name) adheres to the payment schedule in item #1. (Creditor name) reserves the right to resume collection only if the payment schedule is not adhered to.

4. (Your name) may pay off the remaining balance prior to the end of the payment schedule without penalty.

5. This agreement is binding on both parties.

If you completely agree to points 1 through 5 listed in this offer, please have an individual authorized to make such agreements on behalf of (creditor’s name) sign and return a copy of this offer to the return address listed at the bottom of this page. The individual who signs on behalf of (creditor name) must have express authority to make such agreements binding upon (creditor name) or the agreement is void. It will be implied that this letter shall constitute a legally binding contract, enforceable under the laws of my state.

 

As a show of good faith I’ve enclosed my first payment in the amount of $__50_. I would appreciate a call from you confirming your acceptance of my payment terms. However, if I do not hear from you, I will consider your cashing or depositing my check as confirmation that you accept my payment terms.

Sincerely,