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You should use this letter to provide the debtor with a letter stating that the revised payment terms are in full settlement of the debt owing.
Our advise would be that you don’t provide such a letter unless you are comfortable doing so and the debtor has specifically requested it.
Your acceptance of proposed payment terms to pay a debt that is already due is not legally binding and therefore you can pursue the balance of any debt at a later stage if you so wish.
Your written agreement to accept payment of a debt in final settlement prevents this course of action in the future.
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