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You might ask your credit card company if they will accept a $6,000 debt settlement. You would pay $6,000 to have the credit card company forgive the other $4,000.
Accord and satisfaction is a settlement of an unliquidated debt. For example, a builder is contracted to build a homeowner a garage for $35,000. The contract called for $17,500 prior to starting construction, to disburse $10,000 during various stages of construction, and to make a final payment of $7,500 at completion.
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.
Debt settlement is the process of negotiating with creditors to reduce overall debts in exchange for a lump sum payment. A successful settlement occurs when the creditor agrees to forgive a percentage of the total account balance. Normally, only unsecured debts, not secured by real assets like homes or autos, can be settled.
On Tuesday, the SEC sent Musk a settlement offer seeking a response in 48 hours, but extended the deadline to Monday after a request for more time, the source said, speaking on the condition of ...
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(Reuters) -Johnson & Johnson plans to pay an additional $1.1 billion to resolve tens of thousands of legal actions alleging its baby powder and other talc products caused cancer, two people ...
In personal injury claims, the settlement negotiation process begins by the victim submitting a demand letter to the insurance companies. The purpose of the demand letter is to present facts about the accident in order to persuade the insurance companies to provide adequate compensation. A typical demand letter is structured in the following ...
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