If you want to counter an offer made to you by a creditor, verbal or otherwise, this is the way to go. You should pair this letter with the “Agreement to settle a debt” letter.
Dear Creditor,

Re: Account Number

In response to the settlement offer made between myself and your customer service representative <name>, <phone number> on <date>, this is a counter offer from my end.

I highly appreciate your company’s kind consideration and willingness to work out the matter with me and help me in all earnest to settle this debt. Your support will be of immense help to me in settling this debt issue which I honestly wanted to resolve for quite sometime now.

The final amount we mutually agreed upon is $………. I also request you to take into consideration the fact that we also agreed that all my interest rates, late fees or any reference to them are to be eliminated from my credit report.

Incidentally, I have enrolled with several other companies to clear my debt issues and have a moderate amount of funds. In all probability I can only come to business terms with you if you consider and agree on my proposal mentioned above. Fortunately, I have already attained agreeable settlements with a couple of my creditors and will hardly have any left over funds at the end of this month.

<Optional clause> If I can manage my finance more effectively, I may also offer extra money added to the agreed amount, in order to upgrade my credit rating. I’m sincerely concerned with my credit ratings as this is the most important issue in this agreement for debt settlement.

Keeping in mind our mutual agreement, I hope that the above terms and conditions are acceptable to your company. On accepting my proposals please sign the attached letter to confirm our agreement and forward me a copy of the same. On receipt of your approval letter I will send you a money order with valuation of the amount stated above.

Thanking you in anticipation,

Yours truly,

Your signature
Your name
<Enclosed attachments>