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

Related FAQs

Does debt settlement hurt my chances of obtaining new credit?
What fees will I pay if I use a debt settlement company?
Who should I contact to settle my debt?
How will I know if a debt settlement offer is fair?
What penalties or interest can creditors charge when settling debt?
Can I negotiate a lower principal balance as part of a debt settlement?
Is debt settlement a better solution than bankruptcy?
Are there any costs associated with a successful debt settlement?
How long will it take to settle a debt?
How does a creditor determine if a debt should be settled?

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