What is the difference between debt relief law and debt negotiation?

Debt relief law and debt negotiation are both methods of dealing with debt, but there are some key differences between them. Debt relief law refers to the laws put in place by the state of North Carolina that govern how debt collectors can interact with consumers. These laws put restrictions on the amount of contact debt collectors can have with debtors and the manner in which they can pursue debtors for repayment. They also provide guidance on the acceptable duration of a collection process, as well as the legal requirements debt collectors must follow. On the other hand, debt negotiation involves the direct negotiation of repayment terms between a debtor and a creditor. This is an alternative to the traditional court-based approach of collection. The debtor and the creditor will sit down together to come to an agreement on how the debt will be paid off. The negotiations take into account the financial situation of the debtor and allows for the repayment amount to be lowered or the payment terms to be extended. In conclusion, debt relief law is a set of laws governing how debt collectors must deal with debtors, while debt negotiation is a direct negotiation between the debtor and the creditor in order to reach an agreement on how the debt will be paid off.

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What is the difference between debt relief law and debt negotiation?

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