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Creditor Settlement Offer Letter
"I need a Creditor Settlement Offer Letter for an outstanding business loan of SGD 250,000, where we're willing to accept 80% of the debt if paid in full by March 2025, and need to include specific payment milestones and credit reporting terms."
1. Creditor Details: Full legal name and contact information of the creditor, including registration number if applicable
2. Debtor Details: Full legal name and contact information of the debtor, including reference numbers
3. Debt Information: Original debt amount, current balance, and account/debt reference numbers
4. Settlement Terms: Proposed settlement amount, payment terms, and conditions of the offer
5. Response Timeline: Deadline for accepting the offer and method of acceptance
1. Payment History: Summary of previous payments made, used when partial payments exist or when demonstrating payment pattern
2. Interest Calculations: Breakdown of interest charges and how they have been calculated, included when significant interest has accrued
3. Alternative Payment Options: Various payment methods offered, included for larger settlements or when multiple payment options are available
4. Legal Consequences: Description of legal implications if settlement offer is not accepted, used in cases of potential litigation
1. Payment Schedule: Detailed breakdown of payment installments if applicable, including dates and amounts
2. Account Statement: Current detailed statement of the debt account showing all transactions and balance
3. Settlement Payment Form: Form for debtor to complete with payment details and acceptance of terms
4. Debt Documentation: Copies of relevant debt agreements or contracts that form the basis of the debt
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