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HOW IT WORKS
How it works
It's not always easy to collect on an outstanding loan, and sometimes your debtor won't be able to pay you in full. A Fair Debt Settlement Agreement can help you recoup some of your losses. By putting new terms in writing, our Debt Settlement Agreement can help you get partially repaid so you can move on to other things.
A Debt Settlement Agreement is used when a debtor is unable to pay back money borrowed in full. Instead of wasting time and money chasing down a debtor, you can reach an agreement as to how much a debtor can pay you. With this Agreement, you define the amount original amount owed and the new settlement amount to be paid. Other terms include the date by which payment will be made and how the debtor will make payment. If the debtor fails to make timely payment, then the total amount of the debt becomes due. Optional sections in this Debt Settlement Agreement include confidentiality and liability clauses.
Other names for this document: Debt Settlement Agreement Form, Debt Negotiation Settlement, Credit Settlement
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