Release & Settlement Agreement (General Debt)

This Release and Settlement Agreement for General Debt is to settle debts such as a credit card or automobile loan. This agreement sets out the specifics regarding the debt including the account number, the balance which creditor disputes and the terms of the debt settlement, including any payment schedule. This agreement also sets forth that the creditor agrees to report the debt as “paid in full” to all credit reporting agencies. It is imperative that this type of settlement agreement be clearly set forth in writing. A written Release and Settlement Agreement for General Debt will prove invaluable in the event there are disagreements or misunderstandings between the parties as to any settlement terms. (continued ...)