Full And Final Settlement Letter – I need to understand what a full and final settlement letter is and how it can be used to negotiate a settlement with a creditor.
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A full and final settlement letter is a letter that you send to your creditor proposing an offer for settlement. This letter should clearly explain the terms of your offer and the reasons why you are seeking a settlement. It serves as a negotiation tool to help resolve your outstanding debts.
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In the letter, you can outline the specific amounts you are willing to pay towards your outstanding debts, such as unpaid salary, unavailed leaves and bonus, employee provident fund (PF), gratuity, and any deductions. The letter should also state that once the agreed-upon settlement amount is paid, the creditor agrees to consider the debt fully settled, releasing you from any further obligations.
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