debt negotiation
Settling owed amounts
Debt negotiation is the process of working with creditors to reduce what you owe or arrange more favorable repayment terms.
A debtor or their representative contacts lenders to settle outstanding balances for less than the full amount, lower interest rates, or extend payment timelines: After months of debt negotiation, they agreed to accept sixty cents on the dollar.
Also called debt settlement.
- loan restructuringRevising repayment agreement terms
- payment planArranged installment schedule
- consumer protectionLaws defending purchasers' interests
- credit counselingAdvice for handling debts
- financial counselorExpert in monetary guidance
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- bankruptcybankruptcy, bankruptcy court, Chapter 11, Chapter 7, bankruptcy petition
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Legal status when insolvent
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