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Collection Settlement Letter

Collection Settlement Letter Template for Philippines

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Key Requirements PROMPT example:

Collection Settlement Letter

"I need a Collection Settlement Letter for a PHP 500,000 credit card debt, offering a 40% discount for a lump sum payment by March 15, 2025, including standard credit reporting clauses and tax implications."

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Document background
The Collection Settlement Letter is a crucial document in Philippine debt resolution processes, used when a creditor or collection agency is willing to accept a reduced payment to settle an outstanding debt obligation. This document serves as an official offer to resolve a debt for less than the full amount owed, typically used in situations where the debt has been delinquent or when the creditor prefers to recover a portion of the debt rather than pursue full collection. The letter must comply with Philippine regulatory requirements, including the Bangko Sentral ng Pilipinas guidelines, Data Privacy Act, and Consumer Protection laws. It includes essential information such as debt details, settlement terms, payment instructions, and relevant disclaimers, while ensuring all communications align with fair debt collection practices under Philippine law.
Suggested Sections

1. Letterhead and Date: Complete business details of the collecting entity, including registered name, address, and contact information, with the current date

2. Recipient Details: Complete name and address of the debtor, account number, and other relevant identifying information

3. Subject Line: Clear indication that this is a Settlement Offer for the specified account

4. Debt Information: Details of the original debt, including original creditor, account number, original amount, current balance, and date of default

5. Settlement Offer: Clear statement of the proposed settlement amount and the percentage of discount from the total outstanding balance

6. Payment Terms: Specific payment instructions, deadline for acceptance, and payment methods accepted

7. Legal Disclaimer: Standard disclaimers required under Philippine law, including consumer rights and data privacy notices

8. Contact Information: Clear instructions on how to contact the collector for questions or acceptance of the offer

9. Signature Block: Authorized signatory details and signature

Optional Sections

1. Previous Communication Reference: Include when there have been prior settlement discussions or attempts to resolve the debt

2. Payment Plan Options: Include when offering multiple payment arrangements or installment options

3. Credit Reporting Statement: Include when the settlement will affect credit reporting status

4. Tax Implications Notice: Include when the settlement amount forgiven may have tax implications

5. Third-Party Authorization: Include when the letter is being sent to an authorized representative of the debtor

6. Special Conditions: Include when there are specific conditions that must be met for the settlement to be valid

Suggested Schedules

1. Account Statement: Detailed statement showing the debt's history, payments made, and current balance

2. Original Loan/Credit Agreement: Copy of the original agreement that established the debt

3. Payment Instructions Form: Detailed form with specific payment methods and banking details

4. Settlement Acceptance Form: Form for the debtor to formally accept the settlement offer

5. Proof of Authority: Documentation proving the collector's authority to settle the debt on behalf of the original creditor

Authors

Alex Denne

Head of Growth (Open Source Law) @ 黑料视频 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions

























Clauses




















Relevant Industries

Banking

Financial Services

Consumer Finance

Credit Card Services

Debt Collection

Legal Services

Retail Banking

Consumer Lending

Microfinance

Commercial Banking

Relevant Teams

Collections

Legal

Risk Management

Credit Operations

Compliance

Customer Service

Finance

Account Recovery

Credit Administration

Debt Management

Relevant Roles

Collections Manager

Credit Risk Officer

Legal Counsel

Debt Recovery Specialist

Account Resolution Officer

Credit Operations Manager

Compliance Officer

Customer Service Manager

Financial Controller

Recovery Team Lead

Settlement Negotiator

Legal Collections Specialist

Credit Administrator

Risk Management Officer

Collections Supervisor

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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