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Critique my offer in compromise?


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Critique my offer to settle? I got most of this off the forums and tweaked to fit my situation. Thanks to anyone for any suggestions!

Offer in Compromise

Creditor: Credit Card Company (hereinafter referred to as “Creditor”)

Debtor: Silver1, account # XXXXX (hereinafter referred to as “Debtor”)

The Creditor and the Debtor agree that the present debt due is $934.52 (Nine hundred thirty four dollars and fifty two cents). Debtor offers Creditor the sum of $467.00 (Four hundred and sixty seven dollars) as full payment of the debt. The acceptance by Creditor of the sum of $467.00 will serve as a complete discharge of all monies due from Debtor to Creditor and/or assigns. The payment shall be made by money order or cashier’s check in two consecutive payments of $233.50 each, with payment in full being remitted to Creditor no later than August 15th, 2005.

In addition, upon acceptance by Creditor of agreement and Creditor’s receipt of $467.00 as payment in full no later than August 15th, 2005, Creditor agrees to notify all Credit Reporting Agencies that Debtor's account is “paid as agreed”, and delete any credit reporting entries showing this account as delinquent and agrees not to pursue Debtor for the extraneous balance discharged as per this agreement.

This compromise is expressly conditioned upon the offer in compromise sum of $467.00 being remitted in full to Creditor no later than August 15th, 2005. If the Debtor fails to pay the compromised amount in full by August 15, 2005, the Debtor understands the original amount owed by the Debtor will be reinstated in full.

This Agreement shall be binding upon and inure to the benefit of the parties, their successors and assigns.

This is an offer in good faith to resolve this credit account.


Sig: Debtor

Sig: Creditor (I hope!)

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