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Debt Settlement Letter from Gatestone. Good enough?


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I finally have a debt settlement in hand.  Not setting any records, but I'll be glad to get this behind me.  Tell me what you guys think:


[Gatestone Letterhead]

Re: Account Ending [last digits of my card account]

Dear [itzTHATguy],


Per our telephone conversation, you've agreed to pay the Full Settlement Amount as a settlement of the Balance Owed.  Payment(s) will be reflected in the Balance Owed and Full Settlement Amount that are listed below.


This settlement offer is contingent upon timely payment.  We will honor this offer if:

  1. We receive the Full Settlement Amount by: [A date in the future]
  2. Settlement payments(s) are made as follows:

               a.   [One lump-sum payment of XXX.XX] due on [A date in the future]


Balance Owed                                             Full Settlement Amount

$YYY.YY                                                      $XXX.XX


Failure to remit timely payment for the Full Settlement Amount may result in further collection efforts to recover the Balance Owed.


American Express may file a form 1099C with the Internal Revenue Service for any cancelled debt $ZZZ.ZZ or more.


Other than communication regarding your payment plan, no further attempts will be made to collect the remaining balance while you are making payments in accordance with the terms listed above.  Upon timely payment of the Full Settlement Amount, no further attempts will be made to collect the remaining balance.


If you have any questjions, please contact us at [their phone number] Monday through Friday between the hours of [bla bla bla].




[some guy I've never heard of.]

[Grand Mufti of Collection]

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