debt settlement Meaning in the Cambridge English Dictionary Cambridge dictionaries logo

Meaning of “debt settlement” in the English Dictionary

"debt settlement" in Business English

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debt settlementnoun [C or U]

uk   us  
FINANCE a ​financialagreement between a ​borrower and a ​lender in which the ​borrowerpays back less than the ​fullamount of a ​debt and the ​lenderagrees to ​accept this as ​fullpayment: Debt ​settlementcompanies, which ​offer to ​arrangedebtsettlements for borrowers, often ​require a ​bigpaymentupfront for their ​services.
(Definition of debt settlement from the Cambridge Business English Dictionary © Cambridge University Press)
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