Loan paid in full letter

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Paying off a loan completely is a great source of relief for us. Once we have repaid a loan in full, we can rest assured that a huge chunk of our salary will remain intact from the next month onwards. If you have come into some money and want to repay your loan in full – as opposed to monthly installments – writing a letter and enclosing a check with it is the best way of doing this.

Your letter should specifically mention the type of loan you had obtained from the bank and how much has already been paid. In addition to this, you need to write why you are settling a loan – is this a last monthly payment or are you paying several installments in one go?

The loan repayment letter that you write should be succinctly written. You can thank the loan officer for helping you obtain the loan and for bearing with you in events when your payments were late (if that was the case). Depending on your individual situation, you can put in niceties as required. But a loan repayment letter needs to be written in a formal tone so refraining from jargon that is not official is the best way to go about this.

Following is a loan repayment letter sample based on which you can write your own:

Loan Repayment Letter Sample

January 12, 2015

Mr. William Wright

Wilson and Wilson Banking Services

100 SE Morrison Street

Topeka, KS 66660

Subject: Repayment of Loan

Please refer to account number CD7263510-11, titled Gordon Freeman which I hold with Wilson and Wilson Banking Services. In April 2012, I applied for a personal loan in this account and have been paying monthly installments of $120.55 since then.

I have recently been commissioned to work on a construction project which has brought in a considerable amount of money as advance payment. Since I am only five installments short of paying off the loan completely, I would like to settle the outstanding amount once and for all. Please find a check amounting to $602.75 enclosed with this letter. This is the final outstanding balance in my personal loan account which I am now paying in full.

Please let me know if there are any formalities that I need to perform to close my account. I would appreciate it if you could provide me with an acknowledgement stating that I have indeed paid back the entire loan amount in full.

I would like to thank you for trusting me enough to grant me this loan when I was starting off my construction business. I look forward to a mutually rewarding relationship with your bank in future as well.

A paid in full letter should be sent to collectors via return receipt requested anytime you pay a debt. Although your letter should demand confirmation from the bill collector or collection agency that the debt is paid in full, collectors often don’t respond to such requests so be sure to keep a copy to serve as proof you paid off the debt. Two sample paid in full form letters are below, use the first or second letter below depending on which scenario fits your situation.

Quite often additional fees and interest charges are added after you’ve sent in your final payment; doing so can violate the FDCPA. If this happens to you, don’t pay more than the agreed upon amount without first seeing if the collector’s demand you pay more is even legal.

Another problem many consumers face after paying a debt is not having their credit report properly updated to reflect the debt is no longer due. Sometimes credit reports are not updated at all, and other times they are incorrectly updated. Either way, you won’t get the credit rating bump you deserve and have earned by paying the debt. After you pay the debt get a free copy of your credit report and if there are any inaccuracies at all, get a free no obligation Fair Credit case review, you could be entitled large money damages.

If a debt collector insists you still owe a debt that has been paid in full, your credit report isn’t accurately updated, or if you believe you are a victim of any other illegal or unfair debt collection or credit reporting practices, submit your information to FREE* Fair Debt and Fair Credit Lawyers by:

You might be entitled to statutory damages of up to $2,000, plus any actual damages suffered, plus attorney fees!

Sample Paid in Full Letter Informing Collectors of Your Final Payment. Feel free to copy and paste the letter below into your word processor.

Name of Debt Collection

You’ll find my final payment on the above referenced account enclosed. I request written confirmation showing this account as according to our agreement on . However, should you choose not you provide me with confirmation, I will use your acceptance of this final payment as proof that you agree the account is .

Now that this debt is paid, I do not expect to hear from you except to confirm the account is paid. I will consider any other contact from you or you company as harassment and will immediately report your actions to my State Attorney General and to the Federal Trade Commission and, if necessary, take whatever legal action is necessary to protect myself. Finally, I expect you to remove this account and all references to my personal information from your records.

Signature just above printed name

Your Printed Namepreviously settled debt letter

Previously settled debt letter. Feel free to copy and paste the letter below into your word processor.

Previously Settled Debt Letter

Name of Debt Collection Agency

RE: Collection letter dated or phone call on reference account #:

This letter is to inform you that the account in question was settled on [insert date] with [insert name of collection agency]. I have enclosed copies of the settlement letter and proof of payment. You now have proof that this debt is no longer collectable, therefore I demand that you remove this account, and all references to my personal information, from your records.

I do not expect to hear from you again regarding this matter however, should you choose to ignore this notification, I will consider any contact not in accordance with the Fair Debt Collection Act, a serious violation of the law and will immediately report any violations to my State Attorney General and to the Federal Trade Commission and, should it become necessary, take legal action to protect my myself.

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Use these sample personal loan paid in full letter as a template for your formal notification .

​Sample Personal Loan Paid in Full Letter

​Name of Borrower

Address of Borrower

City, State, Zip Code

Address of Lender

City, State, Zip Code

Signature of Borrower

Printed Name of Borrower

List of Enclosures:

Check for AMOUNT

A copy of this letter to be signed and returned to the borrower

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