Settlement TO COMPROMISE Debt
ABC Collections, Inc, referred to as Collection Agency and John Q. Consumer, referred to as Consumer, concur to take care of the make a difference of the alleged financial debt, initially held by the ______________________ Enterprise, hereafter referred to as the Customer. Consumer hereby agrees to settle this alleged financial debt claimed by Collection Agency on the next phrases and circumstances:
The Collection Agency certifies that it is lawfully licensed to act in behalf of its Customer and that any settlement that the Collection Agency can make on behalf of Customer is lawfully binding on the Customer.
The Collection Agency and the Consumer concur that alleged financial debt is $_____________.00 (_____________ & 00/one hundred dollars). When the Consumer feels that validity of the financial debt has not been proved by the Collection Agency, the events concur that the Collection Agency shall settle for the sum of $_________.00 (___________ & no/one hundred dollars) as whole payment on the financial debt. The acceptance of the payment will serve as a finish discharge of all monies owing, and the Collection Agency agrees to take into consideration the financial debt paid out in whole and agrees to not take further more motion to obtain on the alleged financial debt. The payment shall be produced in the type of a cashier’s verify or revenue order.
Upon payment of the $_______.00, the Collection Agency agrees to get rid of any listing or details that the Collection Agency might have put on the CONSUMER’S credit score report. The Collection Agency agrees to in no way at any time in the upcoming location any details on the CONSUMER’S credit score report.
The Consumer feels that the detrimental details on CONSUMER’s credit score report is harming and though the correct estimation of the problems is not currently known, the Consumer estimates it to be $10,000 (ten thousand dollars and zero cents. Must the Collection Agency are unsuccessful to get rid of the listing or reinsert it at a later day, the Collection Agency agrees to award liquidated damages of $10,000 to Consumer.
This compromise is expressly conditioned on the payment getting obtained by . If the Consumer fails to shell out the compromised total by , this deal will be right away terminated.
The human being signing this settlement, __________________________________, hereby declares that he/she is licensed to act as an agent of the Collection Agency.
This Settlement shall be binding on and inure to the benefit of the events, their successors, and assignees.
Legal Representitive of ABC Collections, Inc.
John Q. Consumer
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Resource by Natalia Kobseva