Debt Settlement Letter – How To Inform The Bank Of Your Debt Consolidation

Depending on whom you approach for debt consolidation, you may want to inform the bank you actually owe of your new line of action, or not. The bank or financial institution you owe may not mind doing business with you because you already owe them; and because you approached them, they may be inclined to offer you some brilliant rates.

Approaching another credit company may work also, since competition in the industry will keep them keen enough to offer you rates that will make your mouth water. Either way you need a debt settlement letter.

The letter is to inform the bank – whichever one it is – of your condition and of your desire to pay off your debt, repair your credit, and move on with your life. You want to make it clear enough that your situation is not a pleasant one, but you desire to change that; and also that you are interested in a debt consolidation loan with new and more favorable terms.

There are several ways to come up with such a letter. One is studying to compose it on your own; another is seeking a website on the internet to download it from; and a third is calling up a credit counseling agency to help you out with drafting one. I would strongly urge that you consider the third option because it is the one option that is genuine and original and actually brings your situation to bear on the proceedings. If that passion can shine through in the writing, you may just win the best letter and response ever.