Is it possible to settle a debt for less than the amount owed?

Yes, it is possible to settle a debt for less than the amount owed in New Hampshire. This is called debt settlement, and it is a form of debt negotiation that allows debtors to pay a reduced amount in exchange for their creditors to forgive part of the debt. When attempting to settle debt, the creditor will typically accept a reduced amount as long as it is more beneficial to them than if the debtor were to file for bankruptcy. To do this, debtors must make a lump-sum payment that is less than the total amount owed, and the creditor will then forgive the remaining balance. It is important to note, however, that debt settlement is not without risk. While it can be a great way to avoid bankruptcy and reduce the amount of debt owed, it is important for debtors to understand the consequences of settling debt in New Hampshire. Pursuant to state law, debtors should be aware that creditors are able to pursue them if the debt is not settled in full. Furthermore, debtors should be aware that settling debt can have a negative impact on their credit score. In short, while it is possible to settle debt in New Hampshire, it is not always the best option. Debtors should carefully evaluate all of their options before pursuing debt settlement.

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Is it possible to settle a debt for less than the amount owed?

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