Buck Field Inn

An arrangement between a debtor and a creditor to repay a debt generally for a lowered payoff amount is called a debt settlement or debt negotiations.   When a debtor is not able to pay the debt any longer for any reason, a credit card debt settlement program may be the only option.  Generally, only unsecured debts, like those accrued with credit cards, can be negotiated for settlement.  Many third party companies offer debt settlement and negotiation services. These companies contact both the lender and the borrower and negotiate on the behalf of borrower to get the repayment amount and terms reduced.  A debt settlement company may be able to get the debt reduced by 50%, however expect their fees to be in the ball park of 10-20% of the debt amount.