Consequently, the parties have decided to conclude the debt repayment agreement, hereinafter referred to as `the Arrangement`, including the recitals and annexes incorporated therein which are indivisible. This agreement serves to negotiate and compromise a debt under the following conditions: the written transaction letters serve as proof of your promise of payment and the promises of the original creditor or collection company to cancel the balance and terminate any future collection measures. Honest people have no fear of writing down their promises. Honest debt collectors and original creditors use form letters to cancel transaction letters in a matter of moments. However, unscrupulous debt collectors use strange excuses to avoid a written agreement. You can say that this is contrary to national or federal legislation or contrary to corporate policy. There is no law prohibiting settlement agreements, in writing or by other means. Corporate guidelines are rules that can be changed and do not have the force of law. At ACCC, we offer a debt management plan with some of the lowest fees in the country that can be waived in the event of financial hardship. As part of our debt management plan, we help you develop a budget you can live on while paying off your debt. Instead of writing cheques to multiple creditors each month, you pay a single payment to ACCC, and we pay all your bills on your behalf.
We also work with your creditors to request reductions in interest rates and monthly payment amounts – a more efficient approach than in the case of a debt settlement agreement. And we offer you the support you need to maintain your debt management plan until you reach your goals. The following release instructions will help you understand the terms of your debt settlement agreement. The three steps to negotiating a debt settlement are: ACCC is a non-profit organization that provides consumers with free credit counselling and low-cost debt management services across the country. Our goal: to help you regain control of your financial life and make a plan to get out of debt forever. If you put yourself in debt, sending a debt settlement letter to creditors can work to reduce your debt, as is the case for many people who want to eliminate debt. See what you can do to get your finances and life back on track. With regard to the settlement of the debt, a creditor agrees to waive a certain percentage of the outstanding amount. He agrees to pay himself with a final amount reduced by the total amount due. A debt settlement agreement is a written agreement between a debtor and a creditor in which the debtor undertakes to pay the creditor the outstanding debt owed to him. It is also known as the Debt Compromise Agreement. This agreement can be legally enforced by printing it on an extrajudicial affixing document, stamp duty being affixed in accordance with the laws of the State, the signatures of both parties agreeing.
(name of creditor/collection office) and (name of debtor), both parties agree that the outstanding debt is $_________ Acceptance of payment is considered the full discharge of all invoices due and (name of creditor/collection office) will not take any further action to collect the alleged claim. Payment is made as soon as the agreement is concluded and either by cheque or by payment order. In the event of late payment, the aforementioned repayment plan automatically becomes null and void and the total amount due to the creditor is therefore due immediately. In addition, the buyer automatically pays the creditor default interest in the amount of ___ [rate equal to at least three times the annual legal rate in force in France] and a minimum compensation of 40 (40) euros at immediate maturity, without the need for a reminder. . . .