Debt Settlement

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Definition: Debt Settlement

Debt Settlement
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Full Definition of Debt Settlement

The process of a creditor and debtor agreeing to settle an outstanding debt for a certain amount of money. For instance, Sue may owe $10,000, but her creditor may settle the debt for $7,000 if she pays the debt off in 7 days.

Cite Term

To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.

Page URL
https://payrollheaven.com/define/debt-settlement/
Modern Language Association (MLA):
Debt Settlement. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
April 19, 2024 https://payrollheaven.com/define/debt-settlement/.
Chicago Manual of Style (CMS):
Debt Settlement. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
https://payrollheaven.com/define/debt-settlement/ (accessed: April 19, 2024).
American Psychological Association (APA):
Debt Settlement. PayrollHeaven.com. Retrieved April 19, 2024
, from PayrollHeaven.com website: https://payrollheaven.com/define/debt-settlement/

Definition Sources

Definitions for Debt Settlement are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 20th November, 2021 | 0 Views.