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Feed Back on Settlement Letter to Gateway


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The big three have verified my gateway account. I made two arrangements with the collection agency. I am trying to negotiate for deletion of chargeoff status for remaining $1000 owed.

Gateway Computers


Dear Sir/or Madam:

I would like to settle my account #XXX. I was making payments on the account when I was unexpectedly laid off from my job. I was out of work for almost three months which really caused my family hardship. Since the job market was really tight, I accepted a commission only sales position. Taking that position was not a very wise financial move for me. Additionally I was going through a custody battle which I had to pay astronimical legal fees. I struggled to keep the electric bill paid and food on the table for my family. I became so behind in my bills that I was not able to keep with my payments to you.

I would like to settle the account and request that you remove all late payments and charge off status in the trade line of all three of the major credit reports. I am trying to turn my life around for the better. I have been making timely payments to all my creditors however the negative information you have reported to the credit bureaus is hindering my requests for obtaining a prime mortgage. Please respond to me in writing regarding my request.

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It is okay, I am not sure if you should mention that mortgage or not though. Might make it tougher to get a lower settlement amount. They might come back an say pay it all and we will remove. They will know just how bad you need to get this fixed. Maybe try this letter and mix it with yours.

Debt Settlement Letter 2 GOOD CREDIT IS SEXY SERIES

Here is a kinder, gentler version of a debt settlement request. Notice that it is asking for a signed version of the agreement before any money is sent. I happen to know that this letter worked for the writer.

Dear Creditor

It has been a pleasure working with you & I thank you for working with me on this. As you are aware, over a year ago I suffered a few setbacks that severely impacted me financially. To the effect that it has led this account to being in state that is in. Unfortunately it has left me with little resources to satisfy this account and a host of other creditors that I am in the same position with.

Going forward, I feel obligated to your company and want to make in effort to settle this for $__ dollars as payment in full. In addition, any references to late payment or charge off regarding this account are removed from my credit file.

If these terms are acceptable to your company, please sign below and return a copy to me. Upon receipt of this acknowledged agreement, I will express you a money order in the amount stated above.

Read, Approved and Accepted by:________________ Date:_____


Your name

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