Credit Settlement Letter

April 22, 2003

Emma D. Baluyot
Packor Subd. Paranaque City

Althea Financing
Ortigas, Pasig

To whom it may concern:

Re: Account Number: 0215478

I am finally taken care of my debt with your company after a long period of my financial hardship. I am honesty trying to settle this debt and pay if off as soon as possible. With your help, I believe that I will resolve my debt problems.

The amount I am offering to pay towards full settlement of my debt is Php 150,000. I request that you remove any late payments or charge off on this account from my credit report.

I am presently negotiating my debt with various creditors and I have a limited amount of money to pay my creditors so I have decided to settle only those dents where I can satisfy the terms and conditions as mutually agreed on between myself and my creditors.

I really want to improve my credit rating and that is why I am willing to offer you some additional money as part of my settlement. If you find the above terms and conditions acceptable, please sign the attached letter of agreement and send me a copy. Upon the receipt of this agreement, I shall forward you the agreed amount through money order.

Sincerely yours,

Emma D. Baluyot