Having a debt slip through the cracks may sound desirable to some people who are overwhelmed with their bills. However, if you're trying to control your finances, you know that you need to find who you owe money to and start a repayment plan. If your creditors are personal acquaintances or relatives, they may have forgotten they lent you money. On the other hand, if you owe money to a large corporation, they may have written off your nonpayment as a loss, but it still shows up on your credit report. Then, if you apply for a loan, your credit history may prevent you from being approved. Therefore, the only solution is to write to the people you owe money to in order to pay them back or have your debt erased.
Instructions
- 1
Make a list of the people you owe money to. Either use the bills that are sent to you each month or order a free copy from all credit bureaus to receive a list of your debtors.
2Determine who may have forgotten that they lent you money or which company has charged off your debt.
3Write your name, address and the date at the top of the letter. Address it to a particular person, if possible, after retrieving the name from a website or calling the office to ask. Otherwise, write "To whom it may concern" or another generic salutation.
4Begin your letter by stating how you discovered that you owe the creditor money, how much you owe and why you owe it. For example, write, "It has come to my attention that I overlooked my debt of $500 to you, and it now shows a charged-off entry on my credit report."
5Offer a small amount to settle the debt or ask for it to be forgiven. Your request should include a guarantee that the creditor will remove the entry from your credit report or list is as "Paid Charge Off" or "Paid as Agreed."
6Ask for a response in writing. Call the company if you do not receive a letter in two to four weeks.
7End your letter by apologizing for the delay in contacting the creditor and your sincere desire to settle the issue.
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