Settlement Letter -1

I am sending you this letter because I cannot pay you back the full amount against account number 000-00000 regarding the purchase of an LTV: Suzuki Bolan 2007 model.

I would be glad if you could settle this amount instead. As per my current financial situation, I can pay [X]$ instead of all [X + a] $. The circumstances which have forced me to negotiate for a settlement of loan are stated as follows:

Sir, I am a small vegetable store owner and after two years of hard work, I was able to make enough money to think that I can purchase a vehicle that would make my business easier to handle because renting a car every time to take vegetables from one village to a city is costly and barely leaves one with the profit, he gains from selling his vegetables.

Just when I had paid half the amount back for the loan, petrol prices started to skyrocket and still haven’t stopped rising. I can barely make a profit by selling my vegetables into the city now and neither can sell the van back into the market.

Please sir, if you are willing to accept [X]$ as full and final settlement on the account, I can pay you the exact said amount in two days on October 20^th, 20xx. However, I have to receive a written acceptance of this offer. The acceptance letter should mention that you will be agreeing not to take any further actions against me and that you will submit to the relevant bureau that my account is closed and paid.

I hope to receive a response expressing my willingness to accept this settlement money. If that shall be the case, please state the best address for submitting the payment in reply.

Regards

Settlement Letter -2

I am writing to you in hopes that you can accept settlement money instead of the full amount against the account number 000-00000 regarding the purchase of a car: Honda Civic 1998 model. As per my current financial situation, I can pay [X]$ instead of all [X + a]$.

The reason why I cannot pay you back the full amount is my current employment status. Sir, due to the invasion of Covid-19 into the country, companies everywhere have started to downsize and fire their employees to keep themselves from going bankrupt. Unfortunately, I happened to be the victim of downsizing and before I could get my rightful promotion, I was thrown out of the company.

Currently, I am working in the customer service department of Airlift and am paid one-fourth of what I used to get. Sir, if you are willing to accept [X] $ as full and final settlement on the account, I can pay you the exact said amount in ten days on October 20^th, 20xx.

In order to make this offer valid please send me a written acceptance reply of this offer. The acceptance letter should mention that you will agree not to take any actions to enforce the full payment of the loan against me and that you will submit to the relevant bureau that my account is closed and paid and that I will be free from all future liabilities due to this account.

Hoping to receive a response expressing willingness to accept this settlement money. If that is the case, please suggest the best address for submitting the payment.

Kind regards,