One Time Settlement Letter Format to Bank Manager

If you are struggling to repay an outstanding loan with a bank, a one-time settlement could be a viable solution to your financial woes. A one time settlement letter format is an agreement between you and the bank to settle your outstanding loan for an amount that is less than the total outstanding amount. This can be a mutually beneficial arrangement that helps you resolve your debt while the bank recovers a portion of its loan.

However, requesting a one-time settlement is not an informal or impulsive decision. It requires careful consideration and planning. One of the essential steps in the process is to write a formal one-time settlement letter to the bank manager. This letter is a professional and legal document that formally requests the bank to consider your proposal for a one-time settlement.

In this guide, we will outline the key steps to drafting a one-time settlement letter format to the bank manager effectively. We will discuss how to assess your financial situation, draft your letter, and polish it to make it professional and effective.

TEMPLATE

Date: __________

From,
(Name of the Credit Cardholder)
(Registered Address)
(Telephone Number)

To,
The Customer Care Manager
(Name of the Bank)
(Address)

Sub.: Request for One-Time Settlement of Credit Card Debt

Dear Sir/Madam,

I am writing this letter to request a one-time settlement of my credit card debt. My credit card number is ___________, and I have an outstanding balance of Rs. _____________ as of (Date).

I had been using the credit card for several years and had always made timely payments. However, due to an unexpected financial crisis in my family, I was unable to pay the bills on time. I had to use my credit card to pay for some emergency expenses, and as a result, the amount due kept increasing.

I understand that my account is overdue, and your collection team has been contacting me frequently. However, the constant calls and emails have become a source of anxiety and stress for me. I am currently going through a tough phase, and the harassment from the collection team is only making it worse.

Therefore, I request you to consider my proposal for a one-time settlement of Rs. __________ (Rupees _______________ only) in order to close my credit card account. I am willing to make the payment by (Date). I understand that this amount is less than the total amount due, but it is the best I can offer given my current financial situation.

I hope you will understand my situation and consider my proposal favorably. I am willing to cooperate with you in any way possible to resolve this issue.

Thank you for your understanding and cooperation.

Yours faithfully,

(Signature)
(Name of the Credit Cardholder)