An agreement between a creditor and a debtor, often negotiated through an attorney, that establishes the conditions to settle a debt. Most settlement agreements require that the debtor make a minimum lump sum payment of a reduced debt amount or satisfy the debt within a specific period of time.
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creditors' turnover. creditors' settlement · creditworthiness. Definition. The ratio between credit sales that are not paid and the sum of the credit sales.
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creditors' turnover · notice to creditors · preferential creditor · preferred creditor · creditors' meeting · creditor nation · creditors' settlement · creditor's committee ...
- 225 ILCS 429/ Debt Settlement Consumer Protection Act.
... and shall include with the refund a full statement of account showing fees received, fees refunded, savings held, payments to creditors, settlement fees earned ...