Rasulullah (صلى الله عليه و سلم) taught the following du’a to Sayyiduna Mu’ad ibn Jabal (رضي الله عنه) for removal of debts:
اللهُمَّ مالِكَ المُلْكِ، تُؤْتِي المُلْكَ مَنْ تَشاء وَتَنْزِعُ المُلْكَ مِمَّنْ تَشاءُ، وَتُعِزُّ مَنْ تَشاءُ وَتُذِلُّ مَن تَشاءُ بِيَدِكَ الخَيرُ، إنَّكَ علٰى كُلّ شَيءٍ قَدير، رَحْمٰنَ الدنيا وَالآخِرَة تُعْطِيهِما مَنْ تَشاءُ وَتَمْنَعُ مِنْهُما مَنْ تَشاء، اِرْحَمْنِي رَحْمَةً تُغْنِيْنِيْ بِها عَنْ رَحْمَةِ مَنْ سِوَاكْ
Allahumma Malikal Mulk, Tu-til Mulka man tasha-u watanzi’ul Mulka mimman tasha-u, wa tu’izzu man tasha-u, watudhillu mahtasha-u, biyadikal khairu innaka ‘ala kulli shai-in Qadeer.
Rahmanad Dunya wal Akhirati tu’tihima man tasha-u wa tamna’u minhuma man tasha-u irhamnee Rahmatan min ‘indik, tughni nee biha ‘an Rahmati man siwak
Translation: O Allah! possessor of the kingdom, You give the kingdom to whom You will, and You take the kingdom from whom You will, and You endow with honor whom You will. In Your Hand is all good. Verily, You are Able to do all things. You make the night to enter into the day, and You make the day to enter into the night (i.e. increase and decrease in the hours of the night and the day during winter and summer), You bring the living out of the dead, and You bring the dead out of the living. And You give wealth and sustenance to whom You will, without limit (measure or account). O Most Merciful of this world and the Hereafter, You give from them whatever You wish and You deprive whomsoever You wish. Shower upon me such mercy, which will make me independent from the mercy of those besides You.’
Rasulullah (صلى الله عليه و سلم) said to Sayyiduna Mu’adh (رضي الله عنه):
“If you recite this du’a, your debts will be cleared even if they equal to mount Uhud.”
(al-Mu’jam al-saghir; see Majma’uz Zawa’id vol.10 pg.186).
Hafiz al-Haythami (rahimahullah) has classified its narrators as reliable and ‘Allamah Mundhiri (rahimahullah) has declared the chain as good. (Majma’uz Zawa’id vol.10 pg.186 & Targheeb, vol.2 pg.614)