National Bank of London
94, Wilson Street, Southern London
20th July 2012
Sub – Debt settlement agreement letter
Dear Mr. Allen
I am writing this letter to inform you I agree to pay back the entire debt amount owed to your esteemed bank as per the debt settlement agreement reached between us. I have got a total accumulated debt of $120000 which I have to pay in full before 30th September 2012. This will be onetime lump sum payment and after that the bank will not have a single dollar debt on me. As per the agreement terms and condition the payment will be treated as final payment for all the long standing dues and all the bills will be treated as cleared after the payment. The agreement will be valid until 30th September 2012 and in case if I fail to pay back my entire debt before that period then the agreement would become null and void and the bank would be free to file criminal charges against me.
Once I pay back the stipulated amount before the due date then the bank would improve my financial credit ratings. I am enclosing a copy of the agreement between the two parties so that you can verify it as per your office records.