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Debt Settlement Agreemenet Letter - Washington Mutual Bank
Debt Settlement Letter from Washington Mutual Bank
Here we have a 40% settlement that was acheived through our astute debt arbitration with Washington Mutual Bank. Forty percent is at the low end of our average settlement scale of 40 to 60 percent and translates to a savings of 60% for the client.
"We appreciate your willingness to settle your account. This letter confirms the settlement arrangement we agreed to on August 18, 2006.
- You agree to pay a total of at least $1,232.40 to settle your account.
- Your initial payment of at least $410.80 is due by August 31, 2006.
- 2 monthly payments of $410.80 are due on day 29 starting September 29, 2006.
- We agree to forgive the remaining balance on this account after your final payment posts and clears. We will submit a request to the credit bureaus to update your credit profile.*
We must receive your payments by the due dates referenced above. If you are mailing your payments, please allow 7 to 10 days for your payments to reach us. If you have already arranged for payments using our pay-by-phone service, we will process your payments on the dates agreed to when your arrangement was booked. Your payments will post to your account by the due date above.
Please keep in mind that if we do not receive the agreed payments by the due dates, or if your payments do not clear, collection efforts will resume on the full balance due.
* Please allow up to 60 days for the credit bureaus to update their records and for your monthly billing statement to reflect a zero balance."
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