This Agreement can be used to either put in writing the terms of the agreement that the Parties have negotiated or it can be used for one Party to propose to the other Party the terms of resolving the outstanding debt. This way, the Debtor can afford to repay the debt and reduce its effects on their credit health while the Creditor can accept a lesser amount to recoup some of their losses. This Agreement allows the two Parties to negotiate and come to a consensus about a lesser amount of money that the Debtor will pay to take care of the debt. Often, a Debtor finds themselves unable to pay the full amount of a debt that they owe to a Creditor. A Debt Settlement Agreement is a document used by a Debtor (the person who owes money) or Creditor (the person who is owed money) to resolve an outstanding debt that is owed.
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