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English definition of “debt settlement”

debt settlement

noun [C or U]
 
 
FINANCE a financial agreement between a borrower and a lender in which the borrower pays back less than the full amount of a debt and the lender agrees to accept this as full payment: Debt settlement companies, which offer to arrange debt settlements for borrowers, often require a big payment upfront for their services.
(Definition of debt settlement from the Cambridge Business English Dictionary © Cambridge University Press)
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