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Key takeaways. Debt relief is a method of restructuring debt to make it easier for you to pay it back. You can get debt relief from lenders, debt relief companies and credit counseling agencies.
Key takeaways. Debt relief can take three forms: debt settlement, consolidation and management. Working with a debt management company can result in less debt or a faster payoff — but there are ...
Debt settlement companies can potentially save you time and money, but there are potential issues with this approach. First, if you stop paying your credit card company, it will report late ...
Debt relief, on an individual level, refers mainly to the negotiation for a reduction of a debt by either the consumer or a debt settlement agency. Through this arrangement, consumers agree to pay the creditor a fixed amount of money (generally a discount on their outstanding debt) either in a lump sum or under a payment plan.
A portion of each payment is taken as fees for the debt settlement company, and the rest is put into the trust account. The consumer is told not to pay anything to the creditors. The debt settlement company's fees are usually specified in the enrollment contract, and may range from 10% to 75% of the total amount of debt to be settled. [13]
A settlement offer or offer to settle is an offer to resolve an outstanding issue or account. This may involve a statutory offer to compromise in a civil lawsuit.In either case, it involves communication from one party to the other suggesting a settlement, or an agreement to fully and finally resolve the outstanding issue, account, or dispute.
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