Full and Final or Short Settlement offers may be accepted by creditors when debts are considered as non-collectable. A full & Final Settlement/Short settlement offer is an figure less than the total owed to the creditor, offered to be paid in a lump sum payment to clear the debt, if the creditor accepts, it is deemed as settled or satisfied and no further collection action will be taken by the creditor or another collection agency.
If you work hard at it you can get a real significant percentage of the debt written off!
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