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Credit Card Debt Forgiveness Letter

Credit Card Debt Forgiveness Letter Template for Germany

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Key Requirements PROMPT example:

Credit Card Debt Forgiveness Letter

"I need a Credit Card Debt Forgiveness Letter in English under German law for a complete discharge of €15,000 credit card debt, where Deutsche Bank is forgiving the full amount due to proven financial hardship of the debtor."

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Document background
The Credit Card Debt Forgiveness Letter is a crucial document in German banking and debt resolution processes, primarily used when a financial institution agrees to forgive all or part of a credit card holder's outstanding debt. This document is typically employed in situations where debt collection has proven unsuccessful, during insolvency proceedings, or as part of a negotiated settlement. The letter must comply with German Civil Code (BGB) requirements, particularly §397 regarding debt release, and include specific details about the debt, parties involved, and terms of forgiveness. It serves as legal evidence of the debt forgiveness and protects both the creditor and debtor by clearly documenting the terms of the arrangement. The document is particularly relevant in cases of financial hardship, debt restructuring, or as part of broader debt settlement programs within the German banking system.
Suggested Sections

1. Sender Details: Full name, address, and contact information of the creditor/financial institution

2. Date and Reference Numbers: Current date and all relevant reference numbers including account/credit card numbers

3. Recipient Details: Full name and address of the debtor

4. Subject Line: Clear indication that this is a debt forgiveness letter (Schuldenerlass)

5. Debt Identification: Specific details of the credit card debt including original amount, current amount, and account details

6. Forgiveness Declaration: Clear and unambiguous statement of debt forgiveness including the exact amount being forgiven

7. Legal Basis: Reference to relevant sections of German law (particularly BGB § 397) regarding debt forgiveness

8. Confirmation of Release: Formal statement releasing the debtor from specified obligations

9. Signature Block: Space for authorized signature(s) from the creditor

Optional Sections

1. Conditions of Forgiveness: Include when the forgiveness is contingent on specific conditions or partial payments

2. Tax Implications Notice: Include when the forgiven amount exceeds certain thresholds requiring tax reporting

3. Future Credit Relationship: Include when specifying terms about future banking/credit relationship

4. Credit Rating Impact: Include when there are specific agreements about credit rating reporting

5. Settlement Payment Terms: Include when partial payment is required as part of the forgiveness agreement

Suggested Schedules

1. Debt Statement: Detailed breakdown of the credit card debt including principal, interest, and fees

2. Payment History: Record of previous payments and attempts at debt resolution

3. Settlement Payment Schedule: If applicable, schedule of any remaining payments to be made

4. Power of Attorney: If the letter is being signed by an authorized representative, proof of authority to act

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Banking

Financial Services

Credit Services

Consumer Finance

Debt Collection

Legal Services

Financial Technology

Consumer Credit

Relevant Teams

Legal

Credit Operations

Risk Management

Collections

Customer Service

Compliance

Financial Operations

Account Management

Debt Recovery

Consumer Banking

Relevant Roles

Credit Manager

Debt Collection Officer

Risk Assessment Manager

Legal Counsel

Banking Operations Manager

Customer Relations Manager

Financial Recovery Specialist

Insolvency Administrator

Credit Risk Analyst

Collections Team Leader

Compliance Officer

Account Manager

Banking Operations Director

Consumer Credit Specialist

Industries
Bürgerliches Gesetzbuch (BGB) - German Civil Code: Primary legislation governing contractual relationships, debt obligations, and the legal framework for debt forgiveness agreements (particularly §§ 397-399 regarding debt release)
Kreditwesengesetz (KWG) - German Banking Act: Regulates banking activities and credit relationships, including provisions for debt restructuring and forgiveness by financial institutions
Verbraucherkreditgesetz - Consumer Credit Act: Specific regulations protecting consumers in credit agreements, including provisions for debt settlement and modification of credit terms
Insolvenzordnung (InsO) - Insolvency Statute: Provides framework for handling insolvency cases and debt settlement procedures, which may be relevant in context of debt forgiveness
Datenschutz-Grundverordnung (DSGVO) - GDPR: Regulations regarding the handling of personal data in financial agreements and communications
Zahlungsdiensteaufsichtsgesetz (ZAG) - Payment Services Supervision Act: Governs payment services including credit card operations and related debt management
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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