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The Parties agree that there is a current debt owed by the Debtor in the amount of $_____, hereinafter known as the So a debt collection agreement is a legally binding document that is between the person or the company who owes money or are in debt and the creditor or the debt collector This Debt Settlement Letter can help you recoup some of your losses. II. ; Essential Components: Discover the key elements that every contract agreement letter A Debt Acknowledgment Form, also sometimes called a Debt Acknowledgment Letter, is a document signed by one primary party, the debtor, as an acknowledgment of a specific amount of money owed to another party, the Close the letter professionally: Conclude the letter by thanking the debt collector for their understanding and expressing your hope for a resolution to the debt issue. 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